Seanergy Maritime, the Industrials sector company, was revisited by a Wall Street analyst yesterday. Analyst Tate Sullivan from Maxim Group maintained a Buy rating on the stock and has a $12.00 price target.
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Tate Sullivan has given his Buy rating due to a combination of factors that indicate a positive outlook for Seanergy Maritime. The analyst has increased shipping rate estimates based on consistently high forward dry bulk rates, which have surpassed previous expectations. This optimism is further supported by a recent profitable sale of a Newcastlemax ship and newbuild orders, suggesting strong demand for dry bulk imports in China.
Additionally, Sullivan has raised the book value per share forecast for 2026, reflecting a stable financial position. The anticipated free cash flow is expected to support newbuild payments and maintain the current dividend yield. Trading at a discount to the estimated book value, the stock presents an attractive investment opportunity, leading to the maintained Buy rating and a price target of $12.