In an alert emailed to clients Nishant Mani pointed out that the price of the Greek bulker owner’s New York-listed stock is 26% lower than the premium paid last month.
The researcher blamed the decline on “a perceived weaker fundamental outlook” for the dry-bulk space and noted it is “in line” with the performance of the Baltic Dry Index.
“In our view temporary and seasonal weakness were already baked in and the resultant share price pullback has been overdone – presenting investors an opportunity to capture upside potential,” he continued.
Mani
