B. Riley Securities Downgrades Eagle Bulk Shipping to Neutral, Lowers Price Target to $52.2
Portfolio Pulse from Benzinga Newsdesk
B. Riley Securities analyst Liam Burke has downgraded Eagle Bulk Shipping (NYSE:EGLE) from Buy to Neutral and reduced the price target from $72 to $52.2.
December 12, 2023 | 2:45 pm
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NEGATIVE IMPACT
Eagle Bulk Shipping was downgraded by B. Riley Securities from Buy to Neutral with a lowered price target of $52.2, suggesting a more cautious outlook on the stock.
Downgrades by analysts typically lead to a negative short-term reaction in the stock market as they suggest a less optimistic view on the company's future performance. The reduction in the price target further emphasizes a lowered expectation of the stock's value.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100