Analysts from Goldman Sachs initiated coverage of the dry-bulk shipper with a buy rating and $17 price target, which represents a 34.6% upside to Diana's closing price Tuesday of $12.63. Goldman's bullish rating cited that 60% of Diana's fleet is chartered out through at least the second half of 2012. The firm estimated that Diana has $1 billion in cash and debt capacity to take advantage of expected vessel acquisition opportunities. Goldman also likes Diana's disciplined management team. Diana recently posted third-quarter net income of $33.8 million earlier this month, up 17.8% from a profit of $28.7 million in the third quarter of 2009. Rival
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DryShips shares were 1.5% lower Tuesday afternoon. Dry-bulk shipping peer FreeSeas ( FREE) saw its shares edge 0.3% lower. The operator of drybulk carriers posted a net loss of $9.5 million, or $1.51 per share, for the third quarter, compared with a profit of $465,000, or 8 cents per share, in the year-earlier period. FreeSeas' revenue pushed up 5.3% to $13.8 million. Paragon Shipping ( PRGN) shares fell 1.4% Tuesday afternoon. Analysts from Cantor Fitzgerald maintained a buy rating on Paragon but recently lowered their price target on the stock by $1 to $5. "We now look for Paragon to report 2010 earnings per share of 39 cents (from 33 cents) and
Euroseas posted a smaller-than-expected loss but revenue came in shy of expectations.
The dry-bulk carrier saw its shares fall 2% in afternoon trading Tuesday. -- Written by Miriam Marcus Reimer in New York. >To contact the writer of this article, click here: Miriam Reimer. >To follow the writer on Twitter, go to http://twitter.com/miriamsmarket. >To submit a news tip, send an email to: firstname.lastname@example.org.
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