UPDATE: Wunderlich Securities Upgrades Globus Maritime Ltd. as Dry Bulk Vessel Pricing Remains Firm

In a report published Monday, Wunderlich Securities analyst Nicholas J. Bender upgraded the rating on

from Hold to Buy, and raised the price target from $4.00 to $5.00. In the report, Wunderlich Securities noted, “Globus (GLBS) reported 4Q13 results on Thursday, April 10, and posted encouraging numbers on the back of strong spot market activity; average daily TCE rates fell 0.2% sequentially, but came amidst a backdrop of nearly 3% lower utilization. Looking ahead to 1H14 results is a bit disconcerting, as spot rates have weakened considerably in recent months. With only 29% of fleet days fixed for FY14, investors should be prepared for a volatile ride on the spot rate market in the near-term. "However, the FFA market holds signs of optimism, and vessel prices have risen considerably despite choppy underlying freight conditions. Indeed, at current levels, we believe Globus's NAV now provides attractive valuation. We are upgrading shares of GLBS to Buy and raising our price target from $4 to $5.” Globus Maritime Ltd. closed on Friday at $3.64.