Jefferies Raises Price Target on Star Bulk Carriers (SBLK) Following 2Q EPS Beat
Jefferies reiterated a Buy rating on Star Bulk Carriers (NASDAQ: SBLK), and raised the price target to $6.00 (from $5.00), following the company's 2Q earnings report. SBLK reported adjusted EPS loss of ($0.69), which was ahead of the Street's estimate of ($0.74).
Analyst Douglas Mavrinac commented, "Yesterday after the market close, Star Bulk reported an adjusted 2Q16 EPS loss of $0.69, which was better than both Street consensus of an EPS loss of $0.74 and our estimate of an EPS loss of $0.96 primarily due to better than expected charter rates and lower than expected vessel opex. Importantly, Star Bulk also announced a deft deferral and equity raise, which defers the Company's next amortization payment until 2H18."
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Shares of Star Bulk Carriers closed at $4.39 yesterday.