Maxim raised the firm’s price target on Euroseas to $50 from $30 and keeps a Buy rating on the shares. The company should earn slightly higher contracts on new containerships as a result of the current global shipping situation, with low water levels at the Panama Canal and the threat of violence off the coast of Yemen causing ships to avoid the Suez Canal, the analyst tells investors in a research note. Based on the firm’s outlook for higher TCE rates and lower interest rates, Maxim is increasing its 2024 and 2025 forecasts, including the Q3 book value per share forecast to $44.10, from $43.84, the firm added.
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