UPDATE: Global Hunter Securities Upgrades Excel Maritime Carriers to Neutral Ahead of Q2 Report

Global Hunter Securities raised its rating on Excel Maritime Carriers (NYSE: EXM) from Reduce to Neutral ahead of the earnings release for the second quarter.

Global Hunter Securities said, "We initiated coverage of EXM back on May 22 with a Reduce rating. The stock has fallen 78% since the beginning of 2Q:12. Although we expect the stock could have further downside pressure from here as management looks to issue the $30 million in required equity by the end of 2012, we suggest investors wait on the sidelines."

Excel Maritime Carriers closed at $0.42 on Friday.

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