Eagle Bulk Shipping has a potential upside of 12% based on a current price of $5.49 and an average consensus analyst price target of $6.15.
Eagle Bulk Shipping is currently above its 50-day moving average (NYSE:MA) of $5.13 and above its 200-day of $5.04.
Morgan Stanley is likely to book a gain on the sale in the fourth quarter, as it carried the equity stake at a value of $568 million, according to a regulatory filing. The firm had previously recorded a cumulative gain of $673 million related to the sale, the filing said.
Global stocks are in the middle of a multi-year bull market that began in March 2009 and will last for at least two more years, Morgan Stanley Smith Barney's investment strategists stated.
Morgan Stanley has been positive about stocks since April 2009 and continues to recommend greater exposure to these "risk assets."
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Disclosure: "No Positions"