(From Lloyds List)
Byline: Cantor Fitzgerald sets $28 price target for panamax operator's stock, writes Rajesh Joshi in New York
CANTOR Fitzgerald has initiated coverage on George Economou's Nasdaq-listed DryShips with a 'strong buy' and a $28 price target.
It says global port congestion, coupled with strong commodity demand, will keep dry cargo freight rates at historically high levels.
DryShips is at present trading at 4.8 times to Cantor's projected 2005 earnings before interest, tax, depreciation and amortisation estimate of $208m and 4.1 times to the 2006 ebitda estimate of $245m. This is a discount on Cantor's average dry carrier peer …