Stifel has upgraded shares in Scorpio Bulkers amid a belief the market is poised for modest growth and the company will get a boost from the IMO 2020 regulations.
Analyst Ben Nolan noted that the drybulk market is set for profitability and modest further improvements despite a belief the dry bulk recovery will be shallow.
He placed a buy rating on the US-listed company, up from hold, and is maintaining a target price of $9 per share.
