Excel Maritime Carriers Ltd (NYSE: EXM)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Thursday. They currently have a $0.75 price target on the stock.
Zacks‘ analyst wrote, “We maintain our long term Neutral recommendation on Excel Maritime. The company has delayed to declare its third quarter and fourth quarter of 2012 financial results. Meanwhile, the stock price has plummeted over 66% in the last year. This was mainly attributable to the gloomy prospects of the drybulk shipping industry. This sector is still facing serious challenges since the spot vessel rates collapsed even below the rate during recession. We believe that the sole reason for this dismal condition is the sheer increase of vessels under operation that resulted in intense price competition. Global economic headwinds, slowdown of the Chinese industrial sector and fluctuations in oil prices were the other concerns. However, an expected growth of commodity demand in the emerging markets, especially in China and India may help the drybulk shipping market to recover in 2013. “
Shares of Excel Maritime Carriers Ltd (NYSE: EXM) traded up 22.06% during mid-day trading on Thursday, hitting $0.8605. Excel Maritime Carriers Ltd has a one year low of $0.36 and a one year high of $2.13. The stock’s 50-day moving average is currently $0.57. The company’s market cap is $80.1 million.
Excel Maritime Carriers Ltd. (NYSE: EXM) is a provider of worldwide sea borne transportation services for dry bulk cargo, including among others, iron ore, coal and grain, referred to as major bulks, and steel products, fertilizers, cement, bauxite, sugar and scrap metal, referred to as minor bulks.
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