Genco's 3Q Results Ahead Of Forecast

Dahlman Rose has published a research report on Genco Shipping & Trading

after the company reported solid 3Q EPS ahead of analyst expectations. In the report, Dahlman Rose writes "Genco reported 3Q10 EPS of $0.99, beating our $0.86 estimate as well as the $0.96 consensus forecast. Net revenues of $116.6MM beat our $110.5MM forecast, with results largely as expected across other line items. Spot operations at Baltic Trading came in as expected, reflecting a seasonally weak period for the dry bulk market but set to provide a larger contribution in coming quarters." Dahlman Rose maintains its Buy rating and $23 price target. Genco Shipping & trading closed yesterday at $16.59.