H.C. Wainwright Bumps Up Price Target On This Dry Bulk Shipping Company - Read Why - Golden Ocean Group (NASDAQ:GOGL)

H.C. Wainwright analyst Magnus Fyhr raised the price target for Golden Ocean Group Ltd GOGL to $18 (an upside of 17%) from $13 and maintained the Neutral rating on the shares.
The analyst stated that GOGL trades at a premium to the drybulk peer group. Its shares are fairly valued trading at 7.5x 2022E EV/EBITDA and a 68% premium to current NAV estimate, compared to the drybulk yield peer group.
Related: Why Golden Ocean Shares Are Trading Higher Today
Given the market cap, strong track record, and historical NAV premium, Fyhr believes a premium is justified to the peer group.
The analyst says that GOGL is highly leveraged to the spot market with a spot-focused chartering strategy. He further adds that present charter rate assumptions are conservative as they are slightly lower than current FFA rates and one-year time charter rates.
Price Action: GOGL shares are trading lower by 4.34% at $15.32 on the last check Friday.