- Eagle Bulk Shipping (NASDAQ:EGLE) +2.6% pre-marekt after B. Riley FBR initiates coverage with a Buy recommendation and $8.50 price target, saying shares remain attractively priced even after a solid YTD run.
- Riley says EGLE's concentrated strategy of operating within a tight segment of the bulk shipping market, supported by its fleet of supramax and ultramax vessels, enables the company to capture a wide range of commodity shipments while managing an increasingly efficient and cost-effective fleet as it continues to reduce its fleet age and vessel size.
- The firm believes EGLE is well positioned in an environment of increasing rates supported by steadily growing global GDP and lower shipyard output.