New York-listed Safe Bulkers, which reported an underlying profit for the third consecutive quarter, received a buy recommendation from Magnus Fyhr, an analyst at Seaport Global.
The analyst also increased the price target to $5 from $3.50, noting it is based on shares “trading at a 15% premium to our 2019E year-end net asset value of $4.43/share.”
Fyhr noted that while Safe Bulkers shares have declined 15% since early June, the Baltic Dry Index is up more than 30% during the same time period.
