Genco Shipping price target lowered to $20 from $22 at BTIG

BTIG analyst Gregory Lewis lowered the firm’s price target on Genco Shipping to $20 from $22 but keeps a Buy rating on the shares as part of a broader research note on Maritime Drybulk shippers. Vessel values are down 5%-10% across the board from their year-to-date spring peaks and are now down roughly 10%-15% from last summer’s peak levels, having returned to the levels last seen in the second half of 2021, the analyst tells investors in a research note. BTIG adds however that while the near-term outlook remains challenging, with the stocks down roughly 30% on average since their early March highs, the firm retains a Buy rating amid the ongoing bottoming of freight rates and given the constructive supply picture.