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In a report published Friday, Morgan Stanley analyst Fotis Giannakoulis reiterated an Overweight rating on
Safe BulkersSB, but removed the $11.00 price target.
In the report, Morgan Stanley noted, “SB reported $0.10 adjusted EPS, matching the Street's and our estimates. TCE revenue of $37m was also in line with our forecast, equaling to an average daily rate of $13.8k vs. our $14k. SB's Panamax vessels achieved $12.2kpd, well-above Baltic Exchange's average spot rate of $9.0kpd. SB kept its quarterly dividend at $0.06 per share, offering a 2.8% yield.”
Safe Bulkers closed on Thursday at $8.05.
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