UPDATE: Deutsche Bank Raises PT to $3 on Eagle Bulk Shipping on Stock Split
Deutsche Bank increases its price target on Eagle Bulk Shipping (NASDAQ: EGLE) from $1 to $3 as it reiterates a Hold rating on shares.
Deutsche Bank notes, "In EGLE's May 9 earnings release, the company announced a 4:1 reverse stock split. The stock split will take effect at the open of trading this morning. As a result of the stock split we have lowered our estimated share count to 15,750,821 from 63,003,286."
EGLE closed at $1.01 on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.