Fly News Breaks for June 8, 2015
DSX
Jun 8, 2015 | 07:35 EDT
Deutsche Bank says shares of Diana Shipping can more than double over the next two years with "little" downside risk following the 50% underperformance relative to the S&P 500 Index over the last 12 months. Just below 50% of Diana's market capitalization is held in cash by the company while its shares trade at a 30% discount to tangible book value, Deutsche analyst Amit Mehrotra tells investors this morning in a research note. Investors are focusing on the weak dry bulk market while ignoring Diana's value creation opportunities, "best-in-class" management team and "underleveraged" balance sheet, Mehrotra writes. The analyst raised his price target for shares to $10.50 from $8 and keeps a Buy rating on the name. Shares of Diana Shipping closed Friday up 6c to $6.46.
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