Morgan Stanley Sees Paragon Shipping's Spot Fleet Moving Closer to Profitability

In a report published Tuesday, Morgan Stanley analyst Fotis Giannakoulis reiterated an Equal-Weight rating on Paragon Shipping PRGN. In the report, Morgan Stanley noted, “With the market fairly balanced and global fleet supply growth shrinking, PRGN's spot fleet is moving closer to profitability. 4Q14 EPS loss was smaller than expected and the grain season will soon start kicking in. In the meantime, its stock remains undervalued, trading ~30% below its NAV.” Paragon Shipping closed on Monday at $6.94.