UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Safe Bulkers

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Safe Bulkers

, but slightly lowered its price target from $7.00 to $6.00. Jefferies noted, “With dry bulk shipping fleet growth declining significantly over the past three months, and projected to decline further in 2013-2014, we believe the dry bulk shipping market is on the cusp of a cyclical rebound as a result of 3-4 years of limited newbuild ordering, which is limiting dry bulk shipping fleet growth at a time when dry bulk shipping demand growth is beginning to improve with increased Chinese investment in infrastructure.” Safe Bulkers closed on Tuesday at $5.65.