We initiate coverage of Scorpio Bulkers with a Neutral recommendation and target price of USD 7.1

We find the dry cargo space very interesting and believe that the trough was 1Q16. The share is attractively priced comparative to peers, but we deem its fleet to have strong industrial qualities which is less opportune in the current point of the cycle.

Company specifics:

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Market fundamentals:

1

 Disclaimer: The publisher currently has no investments in the company
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