Stifel analyst Benjamin Nolan would continue to buy shares of Eagle Bulk Shipping (EGLE) after the company announced a merger with Star Bulk (SBLK) valuating Eagle shares at $52.60 per share. The firm believes there is the potential for other third parties to come in with a superior cash bid, likely much closer to NAV at roughly $67 per share, though the merger with Star Bulk would be “very good” for both parties, the analyst tells investors in a research note. Stifel made no change to its Buy rating or $54 price target on Eagle Bulk Shipping shares.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SBLK:
- Eagle Bulk upside preserved in Star Bulk deal, says Alliance Global
- Eagle Bulk upside preserved in Star Bulk deal, says AGPStar Bulk Carriers
- Stifel expects Star Bulk, Eagle Bulk to trade up on the open after deal news
- Deutsche Bank likes merger between Star Bulk, Eagle Bulk
- Eagle Bulk Shipping downgraded to Neutral from Buy at B. Riley