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Eagle Bulk Shipping (EGLE) Receives a Buy from Noble Financial

In a report released today, Poe Fratt from Noble Financial maintained a Buy rating on Eagle Bulk Shipping (EGLEResearch Report), with a price target of $84.00. The company’s shares closed last Monday at $48.75.

According to TipRanks.com, Fratt is a top 100 analyst with an average return of 42.3% and a 56.0% success rate. Fratt covers the Industrial Goods sector, focusing on stocks such as Grindrod Shipping Holdings, Great Lakes Dredge & Dock, and Orion Group Holdings.

Currently, the analyst consensus on Eagle Bulk Shipping is a Moderate Buy with an average price target of $85.00, which is a 78.9% upside from current levels. In a report issued on February 1, Cleaves Securities also maintained a Buy rating on the stock with a $86.00 price target.

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Based on Eagle Bulk Shipping’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $183 million and net profit of $78.34 million. In comparison, last year the company earned revenue of $68.18 million and had a GAAP net loss of $11.16 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.

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