Genco Shipping price target lowered to $22.50 from $27 at Alliance Global

Alliance Global Partners analyst C. K. Poe Fratt lowered the firm’s price target on Genco Shipping (GNK) to $22.50 from $27 and keeps a Buy rating on the shares. The firm is fine tuning EBITDA estimates based on a softer end to last year, noting that management will release operating results after the market closes on Wednesday, February 19. Despite near-term uncertainty, the firm’s view remains positive based on the fleet renewal program and being “optimistic” on recovery next year, the analyst tells investors in a preview.