Deutsche Bank cuts its price target from $6 to $5 on Hold-rated Genco Shipping following a reported from the company for Q1.
Deutsche Bank comments, "After Monday's close, GNK reported a Q1 EPS loss of $0.87/share, below our estimated loss of $0.68/share and Consensus at a loss of $0.54/share. The Q1 miss was primarily driven by lower-than-expected revenue by $7.7 million ($0.20/share). GNK's parent fleet (excludes Baltic Trading (BALT: Not Rated, $4.30)) reported a Q1 average daily time charter rate of $10,981/day, down 45.6% y/y and 35.4% q/q (includes time charters). After the Q1 miss, GNK's share price declined by 14.6% to $4.57 Tuesday. Given Tuesday’s loss, we view GNK's risk/reward profile as neutral and maintain our Hold-rating."
GNK closed at $4.57 on Tuesday.
Source: Benzinga