Analyst Amit Mehrotra raised the shipowner from hold to buy after its second quarter report showed it was nearing the end of a long restructuring tunnel.
Scorpio Bulkers’s overall loss of $138.65m largely comprised of one-off elements on vessel sales with its operating performance better than Wall Street had been expecting.
Mehrotra explained the upgrade came amid the belief the it had $190m in excess cash after its last equity issue, while spot rates have moved higher and the company’s first positive EBITDA quarter awaits in the third quarter of this year.
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