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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SB:
- Safe Bulkers, Inc. Reports Fourth Quarter and Twelve Months 2023 Results and Declares Dividend on Common Stock
- Safe Bulkers reports Q4 adjusted EPS 25c, consensus 17c
- Safe Bulkers, Inc. Announces Sale of One Panamax Class Dry-bulk Vessel
- Safe Bulkers options imply 13.1% move in share price post-earnings
- SB Earnings this Week: How Will it Perform?