Only hours after Scorpio Bulkers logged its first profitable quarter in more than four years as a public company, an equity analyst greeted the news with a positive client note, with a sting in its tail.
Randy Giveans of Jefferies continued a “buy” rating on Scorpio shares, but then cut the company’s price target from $14 to $12, a move that may catch some by surprise given the upward trajectory expected for bulker owner shares.
