DryShips Upgraded at Oppenheimer

An analyst at Oppenheimer has upgraded the stock to Perform, contending that the downside has been realized.
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Updated from 11:41 a.m. EST

DryShips

(DRYS) - Get Report

was rising Monday morning following an upgrade from an analyst at Oppenheimer.

An analyst at Oppenheimer raised the stock to Perform from Underperform on Monday, theorizing that the company has seen the worst of it. EPS for 2009 also was reduced to $1.29 from $1.69. The stock was up 2.1% to $3.87 in recent trading.

Elsewhere in the shipping sector:

Excel Maritime Carriers , which Monday announced the resignation of CEO Stamatis Molaris, was down 13.2% to $3.63.

Shares of Diana Shipping were down 4.3% to $12.02.

Eagle Bulk Shipping was down 14.9% to $3.03 after a UBS analyst lowered his earnings estimate and slashed his price target to $5 from $20, according to The Associated Press,.

Genco Shipping was down 10.4% to $11.21.