UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Eagle Bulk Shipping

In a report published Wednesday, Jefferies reiterated its Hold rating on Eagle Bulk Shipping

, but slightly lowered its price target from $3.00 to $2.50. Jefferies noted, “We are fine-tuning our 4Q12 EPS estimates as average dry bulk charter rates were essentially in-line with expectations during 4Q. We are, however, reducing our 2013 EPS estimates to reflect the weaker than anticipated start to the year, but are maintaining our expectations that charter rates should improve in 2013. We are also introducing our 2014 EPS estimates which are based on dry bulk charter rates improving further in 2014.” Eagle Bulk Shipping closed on Tuesday at $2.26.