UPDATE: Imperial Capital Downgrades DryShips to Underperform on Lower Net Asset Value

Imperial Capital downgraded DryShips DRYS from In-line to Underperform and lowered the price target from $2.11 to $1.37. Imperial Capital commented, "We are downgrading our rating on DRYS common stock to Underperform from In-Line and lowering our one-year price target to $1.37, from $2.11 previously, and some 30% below the recent closing price on the shares. Recent declines in the value of DRYS' equity stake in ORIG have reduced NAV/share; both the dry-bulk and tanker markets have significant excess capacity and are likely to remain weak throughout 2013, resulting in further potential declines in NAV for the DRYS fleet, in our view." DryShips closed at $2.04 on Monday.