Jefferies Reiterates Buy Rating on Baltic Trading on Very Well-Timed Acquisition

In a report published on Monday, Jefferies analyst Douglas J. Mavrinac reiterated a Buy rating and a $6.00 price target on

. In the report, Jefferies stated, "This morning, Baltic Trading announced that it had agreed to acquire two modern Handysize dry bulk carriers, the 2010-built Baltic Fox and the 2009- built Baltic Hare, for an aggregate purchase price of $41 million with delivery of both vessels scheduled by the end of 3Q13." Baltic Trading closed on Friday at $3.68.