Eagle Bulk Shipping (Buy, TP: USD48.00) - Improved near-term outlook
Eagle Bulk’s Supramax fleet is surfing on relatively stronger rates and vessel value momentum, driven by improved buying interest from asset-trading owners, which we expect to relieve the continued concerns regarding elevated values. We find attractive risk/reward, priced at a ~40% markdown to NAV, and reiterate our BUY and USD48 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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