DNB Markets analyst Joergen Lian downgraded Star Bulk Carriers to Sell from Hold with a price target of $19.30, down from $21. The firm believes the dry bulk market has “topped out for the foreseeable future” as fundamental demand headwinds, most notably in China, should start to be reflected in rates. It keeps a “considerably softer outlook” for 2025 and expects consensus estimates to come down. DNB says the “fleeting optimism” on Chinese stimulus driving shipping demand does little to alter its negative view.
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