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Fly News Breaks for May 23, 2019
ESEA
May 23, 2019 | 08:14 EDT
Maxim analyst Tate Sullivan assumed Euroseas with a Buy rating and a price target lowered to $1 from $2.50. The analyst notes that while 9 of the company's 11 ships were in contract through Q2-end, 4 of those will have an average rate decline of about 21%. Sullivan contends however that Euroseas shares will begin to anticipate a sector rebound in 2020, even though his projection for 2019 EBITDA of $4.8M marks a 25% decline from 2018 levels.
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