Alliance Global Partners downgraded Pangaea Logistics to Neutral from Buy with an unchanged price target of $8.75. The analyst sees a balanced risk/reward profile after the strong stock price performance. While the near-term dry bulk market outlook is a bit uncertain and recent rates have been volatile, the company “is well positioned to thrive in most dry bulk market environments,” the analyst tells investors in a research note. The firm cites valuation for the downgrade.
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