UPDATE: Morgan Stanley Reiterates On Safe Bulkers On Solid 1Q14 Profitability

In a report published Friday, Morgan Stanley analyst Fotis Giannakoulis reiterated an Overweight rating on

, but removed the $11.00 price target. In the report, Morgan Stanley noted, “SB reported $0.10 adjusted EPS, matching the Street's and our estimates. TCE revenue of $37m was also in line with our forecast, equaling to an average daily rate of $13.8k vs. our $14k. SB's Panamax vessels achieved $12.2kpd, well-above Baltic Exchange's average spot rate of $9.0kpd. SB kept its quarterly dividend at $0.06 per share, offering a 2.8% yield.” Safe Bulkers closed on Thursday at $8.05.