Jefferies Reiterates Its Buy Rating on General Maritime (GMR)

Jefferies is out with its report on General Maritime GMR reiterating its Buy rating. In a note to clients, Jefferies writes, "We believe GMR shares have significant upside potential with the Company's recent asset sale announcement alleviating any near-term liquidity uncertainties and the Company's significant spot market exposure. Given our positive outlook for the tanker sector for 2H11, and the Company's recent successful steps to shore up its liquidity position, we reiterate our Buy rating on GMR shares. We are, however, slightly reducing our 12-month price target to $5 per share as a result of the recent decline in tanker asset values over the past several weeks." GMR is trading at $3.37, down 0.88% from yesterday's close.