NEW YORK (TheStreet) -- Globus Maritime Limited (GLBS - Get Report) shares are up 8% to $3.93 in trading on Monday.
The increase follows the dry bulk shipping company's shares being upgraded to "buy" from "hold" by Wunderlich Securities.
The firm raised the price target of the stock to $5 from $4, suggesting a 37% increase from its Monday opening price.
The upgrade comes after the company released its fourth quarter 2013 earnings report last Thursday.
"Globus (GLBS) reported 4Q13 results on Thursday, April 10, and posted encouraging numbers on the back of strong spot market activity," analyst Nicolas Bender said in the note. "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."
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