Jefferies Slashes Overseas Shipholding (OSG) Price Target to $1

Jefferies cuts its price target on Hold-rated Overseas Shipholding Group (NYSE: OSG) from $3 to $1 following the release of its "troubling" 8-K filing where the company said financial results could not be relied upon and it may file for bankruptcy protection.

On the bankruptcy risk, analyst Douglas J. Mavrinac comments: "Although the Street has been aware of OSG's looming liquidity needs in February 2013 for several months, and OSG has detailed the numerous options at its disposal for the same amount of time, given the Company's announcement this morning, we believe the risk that the Company files for Chapter 11 has increased as it appears negotiations with the Company's creditors are not going as well as Company management has expected."

For an analyst ratings summary and ratings history on Overseas Shipholding Group click here. For more ratings news on Overseas Shipholding Group click here.

Shares of Overseas Shipholding Group closed at $1.23 yesterday.

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