Originally published Friday, June 26, 2009 at 9:25 AM
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FBR downgrades Overseas Shipholding
Shares of Overseas Shipholding Group Inc. fell Friday after FBR Capital Markets downgraded the stock, citing the possibility of disappointing second-quarter earnings.
Shares of Overseas Shipholding Group Inc. fell Friday after FBR Capital Markets downgraded the stock, citing the possibility of disappointing second-quarter earnings.
The shares fell $1.04, or 3 percent, to $33.83 in midday trading.
FBR analyst Robert MacKenzie downgraded the stock to "market perform" from "outperform" and lowered his target price for the stock.
MacKenzie said the shares, which have risen from a 52-week low of $20.38 in early March, are fairly valued.
The analyst said he expected the company to have lost 90 cents per share in the second quarter, compared with the Wall Street consensus of a loss of 54 cents per share, on weakness in U.S.-flag business and higher costs.
Among positives for the company, MacKenzie said, was the chance to renegotiate orders with shipyards. Owners have been renegotiating with ship builders because they can't get financing and face lower-than-expected revenue in a recession.
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