Stifel analyst Benjamin Nolan would continue to buy shares of Eagle Bulk Shipping (EGLE) after the company announced a merger with Star Bulk (SBLK) valuating Eagle shares at $52.60 per share. The firm believes there is the potential for other third parties to come in with a superior cash bid, likely much closer to NAV at roughly $67 per share, though the merger with Star Bulk would be “very good” for both parties, the analyst tells investors in a research note. Stifel made no change to its Buy rating or $54 price target on Eagle Bulk Shipping shares.
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- Deutsche Bank likes merger between Star Bulk, Eagle Bulk
- Eagle Bulk Shipping downgraded to Neutral from Buy at B. Riley
