In a note to clients, Justin Yagerman reduced the Nasdaq-quoted stock to “hold” from “buy” and lowered his price target to $2.50 per share.
The Manhattan-based equity analyst also forecast a 2012 and 2013 loss of $0.11 and gain of $0.12, respectively, as shares slipped 1.37% to $2.16 in early trading.
“We expect weak dry bulk and tanker rates to persists, and see further asset value downside on DryShips' shipping fleet, despite the substantial value of its stake in Ocean Rig,” he said.
“An
