UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Safe Bulkers
In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Safe Bulkers (NYSE: SB), but slightly lowered its price target from $7.00 to $6.00.
Jefferies noted, “With dry bulk shipping fleet growth declining significantly over the past three months, and projected to decline further in 2013-2014, we believe the dry bulk shipping market is on the cusp of a cyclical rebound as a result of 3-4 years of limited newbuild ordering, which is limiting dry bulk shipping fleet growth at a time when dry bulk shipping demand growth is beginning to improve with increased Chinese investment in infrastructure.”
Safe Bulkers closed on Tuesday at $5.65.
Latest Ratings for SB
|Aug 2016||Seaport Global||Assumes||Neutral|
|Aug 2016||Morgan Stanley||Maintains||Equal-Weight|
|Jul 2016||Credit Suisse||Downgrades||Neutral||Underperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.