Pyxis Tankers initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Pyxis Tankers with a Buy rating and $10 price target. The analyst likes the company’s “disciplined” growth strategy, “attractive outlooks” for refined product tanker and dry bulk markets, “solid’ Q2 forward cover and moderate financial leverage. The firm believes the shares are “sharply under-valued” based on a discount of 60% to its year-end 2024 net asset value. It believes intermediate term outlooks for the refined product tanker and dry bulk markets are constructive.