Cantor Fitzgerald Lowers FreeSeas Inc. Price Target (FREE)

Cantor Fitzgerald lowered its price target on FreeSeas Inc. (NASDAQ: FREE) to $1.50 from $1.75 this morning. Cantor Fitzgerald maintained its Hold rating on the stock.

FreeSeas reported second quarter operating EPS of $0.07, a penny above Cantor Fitzgerald estimates of $0.06 but below the consensus estimate of $0.09.

Cantor Fitzgerald analysts note that "We continue to believe the company's aging fleet profile, high leverage, and unfixed capacity could weigh on profitability going forward." Cantor Fitzgerald further asserts that "the shares are fairly valued at current levels."

FreeSeas Inc. is a parent holding company of its ship-owning companies. Shares are lower by $0.01 this afternoon, to $1.17.