Eagle Bulk Shipping price target lowered to $60 from $63 at Alliance Global

Alliance Global Partners analyst C. K. Poe Fratt lowered the firm’s price target on Eagle Bulk Shipping to $60 from $63 and keeps a Buy rating on the shares post the Q3 report. The firm says that while near-term challenges linger, especially macro headwinds, and the potential for investor backlash against the poison pill and large buyback at a significant premium remains, it is still confident that the management team should be able to enhance shareholder value through a consistent commercial strategy and benefit from a market rebound “that appears on the horizon.”