EuroDry price target lowered to $20 from $30 at Alliance Global Partners

Alliance Global Partners analyst C. K. Poe Fratt lowered the firm’s price target on EuroDry (EDRY) to $20 from $30 and keeps a Buy rating on the shares. The firm is updating its 2024-2026 EBITDA estimates to reflect limited forward cover and dry bulk market uncertainty, but remains positive that the firmer rate environment over the past three quarters should carry over into next year, the analyst tells investors. While the near term outlook looks challenging and potential catalysts are “elusive,” the firm views EuroDry as an “undervalued and an attractive way to participate in the favorable intermediate dry bulk market fundamentals,” the analyst added.