UPDATE: Wunderlich Securities Initiates Coverage on Scorpio Bulkers with Buy Rating, $9 PT as Premier Vehicle for Dry Bulk Exposure

In a report published Monday, Wunderlich Securities analyst Nicholas J. Bender initiated coverage on

with a Buy rating and $9.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Scorpio Bulkers Inc. (SALT) with a Buy rating and $9 price target. Unlike the other names in our dry bulk coverage universe, Scorpio is a relative newcomer to the arena of dry bulk vessel ownership. The company has an experienced management team and aggressive growth plan in place that, over the next 24 months, should transform Scorpio into the world's sixth-largest dry bulk fleet. The newbuild additions to the fleet are high-quality ECO vessels built at reputable shipyards, which deliver 10%-15% operating savings vs. conventional vessels and fetch a daily rate premium from shippers. The combination of Scorpio Bulker's growing scale and efficient fleet make the company, in our view, the best way to play a cyclical recovery in the dry bulk market.” Scorpio Bulkers closed on Friday at $6.00.