Jefferies upgraded Safe Bulkers to Buy from Hold with a price target of $6, up from $4. The analyst believes the Red Sea diversions are likely to remain in place for an extended period. Given Houthi attacks continue to persist in the region, the likelihood of a return to normal trade flows seems increasingly off the table throughout 2024, the analyst tells investors in a research note. The firm says spot rates continue to surprise to the upside. Safe Bulkers’ incoming fleet of newbuilds will complete its extensive fleet renewal program and position the company well for upcoming emission regulations, contends Jefferies.
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