We initiate coverage of Genco Shipping with a Neutral recommendation and target price of USD 10.9

We find the dry cargo space very interesting and believe that the trough was 1Q16. The company is recently restructured, in a sound liquidity position and well placed to take advantage of the ongoing cyclical upturn. We find the share very reasonably priced comparative to steeper valued peers such as GOGL or SBLK, and could be contemplating a rating upgrade if the share price continues to slide.

Company specifics:

c1c2c3

Market fundamentals:

1

 Disclaimer: The publisher currently has no investments in the company
Advertisements

One thought on “GNK-US: Initiation (Neutral, TP 10.9)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s