Dahlman Rose has published a research report on Genco Shipping & Trading GNK after the company reported solid 3Q EPS ahead of analyst expectations.
In the report, Dahlman Rose writes "Genco reported 3Q10 EPS of $0.99, beating our $0.86 estimate as well as the $0.96 consensus forecast. Net revenues of $116.6MM beat our $110.5MM forecast, with results largely as expected across other line items. Spot operations at Baltic Trading came in as expected, reflecting a seasonally weak period for the dry bulk market but set to provide a larger contribution in coming quarters."
Dahlman Rose maintains its Buy rating and $23 price target.
Genco Shipping & trading closed yesterday at $16.59.
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