BTIG analyst Gregory Lewis initiated Golden Ocean (GOGL) with a Buy rating and a price target of $10 as part of his broader research note launching coverage of the Dry Bulk industry, adding that the stock is his Top Pick in the sector. The analyst states that in spite of the recent sell off in the Baltic Dry Index, which has fallen about 35% since the start of Q4, freight recovery is now running for the past two years. Lewis adds that while Capesize rates are down over 50% this quarter, the medium and small Panamax and Supramax rates are down only about 10%-15%. With freight momentum building, the analyst expects Capesize rates to rise about 20% next year and contends that the recent sell-off offers an attractive entry point for dry bulk stocks. As part of the research note, the analyst also initiated Scorpio Bulkers (SALT) with a Buy rating and a $8 price target.