Updated from 11:13 a.m. EST
Shipping stocks had a bumpy start Tuesday but were rising into the close after an analyst at Wachovia upgraded three shippers.
As reported by
The Associated Press
, Wachovia's Justin Yagerman raised his rating on
Eagle Bulk Shipping
to Outperform, contending that, though it's too early to say the sector's poised for a turnaround now, the stocks' precipitous and rapid decline could present value for investors.
Euroseas stock responded positively to the upgrade, rising 12.6% to $4.84 in recent trading, and Eagle Bulk soared 47.8% to $4.33. Diana was up 7.6% to $12.71.
Elsewhere in the sector:
Shares of DryShips were up 1.8% to $3.99.
was up 13.5% to $12.64.
Excel Maritime Carriers was up 14.2% to $4.03.