Maxim analyst Tate Sullivan lowered the firm’s price target on EuroDry (EDRY) to $22 from $30 and keeps a Buy rating on the shares after its Q4 results. The Q4 time charter equivalent rate of $12,20 was down 16.3% y/y while its operating expenses of $13.2M were up 5.6% y/y, the analyst tells investors in a research note. Lower demand from China for dry bulk imports, such as coal and iron, continues to cause shipping rates to trade at lower levels compared to the prior year, the firm states.
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