GNK's conference calls was great, I listened to it twice. Analyst maintains buy ratings, raising PT to $22.
Highlights:
Cantor Fitzgerald maintains a 'Buy' on Genco Shipping & Trading (NYSE: GNK), raises price target from $18 to $22. Cantor analyst says, "We raise our price target to $22 (from $18) based on a 6.0x EV/EBITDA multiple to our new 2009 EBITDA estimate of $284 million (from $263 million)....Yesterday, after market close, Genco reported 1Q:09 operating EPS of $1.32, above our forecast of $1.05 and the Thomson consensus estimate of $1.26. For 1Q:08, the company reported operating EPS of $1.65...We maintain our BUY rating."Genco Shipping & Trading Limited (GS&T) is engaged in transporting iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.
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