UPDATE: Global Hunter Securities Initiates StealthGas at Buy on Outlook for LPG Vessels
Global Hunter Securities initiated coverage on StealthGas (NASDAQ: GASS) with a Buy rating and a $10 price target.
Global Hunter Securities commented, "StealthGas (GASS) is a top operator of small liquid petroleum gas (LPG) vessels, which we believe is a niche sector with an attractive supply/demand outlook. Furthermore, GASS' higher charter coverage and strong balance sheet should support continued fleet growth and modernization. At only 0.64x NAV and 7.0x EV/EBITDA (2013E), we believe that GASS is quite attractive at this level. We initiate coverage with a Buy rating and $10 price target."
StealthGas closed at $7.68 on Monday.
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