Morgan Stanley is introducing a $5.50 price target on DryShips DRYS. A firmer tone in the ultra-deepwater drilling market recently may allow DRYS to scale down its risky and under-capitalized rig expansion. Morgan Stanley has increased its value estimate for DRYS's newbuild drillships to $600m.
Morgan Stanley MS is upgrading DRYS to Equal-weight as well. MS sees extended dilution from the $350m ATM, which is still in progress. In addition, MS thinks the upside is limited by potential dilution from $700m in convertible notes and ~$300m in convertible preferred equity.
DryShips is up 7% at $4.43
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorAnalyst RatingsFinancialsIndustrialsInvestment Banking & BrokerageMarineMorgan Stanley
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in