Wunderlich Securities: Globus Maritime Limited Slowly Recover from Weak Past
According to a research report this morning, Wunderlich Securities expect in-line 1Q12 results for Globus Maritime Limited (NASDAQ: GLBS) as the shipping company begins to climb back up.
Wunderlich Securities stated, “A glut of new ship deliveries in early 1Q12 combined with the weak economic environment push charter rates to near 25-year lows. While rates rebounded from the lows, we believe that they are likely to remain under pressure in 2012; however, the impact of this trend has, in our view, been more than priced into GLBS's valuation. The market's shorter-term focus on depressed rates in 2012 has created an opportunity to invest in high-quality dry bulk shippers such as Globus that can take advantage of the down cycle and be well positioned to benefit when rates recover.”
Globus Maritime closed Friday at $4.97 as Wunderlich Securities maintains its Buy rating and $8 PT.
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