Alliance Global Partners upgraded Pangaea Logistics to Buy from Neutral with a $10.25 price target. The ROY2024 outlook looks solid and a larger owned fleet should continue to have a positive bottom line impact, the analyst tells investors in a research note. The firm says the intermediate term outlook for the dry bulk market looks attractive due to a favorable supply/demand outlook. Given Pangaea’s lagging stock price performance, it believes the current risk/reward profile is “compelling again.”
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