UPDATE: Deutsche bank Cuts Target to $3 on Euroseas

Deutsche Bank lowers its target on Euroseas (NASDAQ: ESEA) to $3 from $4 as it reiterates its Hold rating on the company on market weakness concerns.

Deutsche Bank comments, "Last Thursday, ESEA reported Q4 adjusted EPS of $0.03/share, above our estimate of $0.02/share and Consensus of $0.02/share (only 2 estimates). The adjusted figure excludes $0.3 million ($0.01/share) of unrealized derivative and securities losses. Despite the upside to our estimates, ESEA has cut its quarterly dividend to $0.05/share from $0.07/share, resulting in an annualized dividend yield of 6.9% (as of 2/10). ESEA's limited container charter coverage and our continued weak container and dry bulk keep us on the Sidelines."

ESEA closed at $2.92 a share on Friday.