Deutsche Bank Maintains Rating, PT On GNK

Deutsche Bank is maintaining its Hold rating and its $8 price target on Genco Shipping (NYSE: GNK) following Q1 results ahead of estimates.

Says Deutsche Bank, in the report, “After Tuesday's close, GNK reported Q1 EPS of $0.38, ahead of our estimate of $0.27, and above Consensus of $0.36. GNK reported better than expected net revenue as well as lower operating expenses and non-controlling interest. While net revenue was higher y/y by 7.1% to $101.4 million, TCE earnings were down 36.7% to $19,155/day. We continue to remain on the sidelines for GNK given our continued weak market expectations and the company's financial and operational leverage.”

GNK closed yesterday at $7.93.