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The German bank has $ 23 target on Genco Shipping (GNK)
Deutsche Bank is reiterating its Buy rating and $23 price target on Genco Shipping & Trading Limited? after the dry bulk shipping company reported better than expected results on Monday.
In a note to clients Deutsche Bank writes, “Monday evening, GNK reported
Q2 EPS of $1.16, ahead of consensus of $1.10 and our estimates of
$1.01. Better-than-expected average TCE rates for both GNK’s fleet and
its consolidated minority-owned subsidiary, Baltic Trading Ltd. (BALT:
not rated), as well a lower-than-expected net interest expense were the
primary drivers of the better-than-expected results. We reiterate our
Buy-rating on this upside report as we expect demand improvement in the
Fall/Winter to drive better rates. We have raised our 2010-11 estimates
to $4.17 and $2.87 from $4.05 and $2.32 respectively. Our revised EPS
estimates reflect the Q2 beat, updated employment, new vessel
deliveries, fleet operating expenses and share data and dilution
assumptions.”
Source: Benzinga
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