B.Riley FBR Thinks Eagle Bulk Shipping’s Stock is Going to Recover

In a report released today, Liam Burke from B.Riley FBR maintained a Buy rating on Eagle Bulk Shipping (EGLEResearch Report), with a price target of $4.50. The company’s shares closed last Monday at $1.58, close to its 52-week low of $1.46.

According to TipRanks.com, Burke has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -8.3% and a 38.7% success rate. Burke covers the Industrial Goods sector, focusing on stocks such as Matthews International, LiqTech International, and Koppers Holdings.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Eagle Bulk Shipping with a $4.90 average price target, a 191.7% upside from current levels. In a report released today, Noble Financial also maintained a Buy rating on the stock with a $4.80 price target.

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Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $71.49 million and GAAP net loss of $11.17 million. In comparison, last year the company earned revenue of $86.69 million and had a net profit of $6.49 million.

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Eagle Bulk Shipping, Inc. is a holding company, which engages in the ocean transportation of a broad range of dry bulk cargoes worldwide through the ownership, charter, and operation of dry bulk vessels. It operates Supramax and Handymax vessels that transport minor and major bulk cargoes, including iron ore, coal, grain, cement, and fertilizer. The company was founded by Sophocles N. Zoullas on March 23, 2005 and is headquartered in Stamford, CT.