(DryShips report updated with stock movement.)ATHENS, Greece ( TheStreet) --
Analysts from Goldman Sachs initiated coverage of the dry-bulk shipper Tuesday 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 managed 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.
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