Euroseas price target raised to $63 from $60 at Noble Capital

Noble Capital raised the firm’s price target on Euroseas to $63 from $60 and keeps an Outperform rating on the shares based on revised estimates after Euroseas executed a time charter contract for M/V Synergy Busan at a gross daily rate that the firm notes is a “significant improvement over the previous contracted rate.” While charter rates are anticipated to remain strong through the remainder of 2024, the outlook for 2025 is less certain, but Euroseas is relatively insulated from market developments based on its 2024 and 2025 charter coverage, the analyst tells investors.