UPDATE: Imperial Capital Re-Initiates Coverage on DryShips with In-Line Rating, $2.11 PT

In a report published Wednesday, Imperial Capital re-initiated coverage on DryShips

with an In-Line rating and $2.11 price target. Imperial Capital noted, “DryShips Inc. (DRYS) generated revenue of approximately $1,256mn and adjusted EBITDA of $556mn during the latest twelve months (LTM) ended 9/30/12. On a consolidated basis, DryShips had approximately $618mn of cash (net of restricted cash of ~$369mn) and $4,630mn of total debt as of 9/30/12. Net debt of ~$4,012mn was equal to 7.2x LTM EBITDA. The current equity market capitalization for DRYS is approximately $968.5mn, valuing the company at 9.0x LTM EBITDA.” DryShips closed on Tuesday at $2.28.