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Bart Myers

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Bart Myers

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Friday, 05/13/2011 9:56:29 AM

Friday, May 13, 2011 9:56:29 AM

Post# of 438
Citi is out with its report today on Genco Shipping & Trading (NYSE: GNK), lowering its PT from $8.00 to $7.50.

In a note to clients, Citi writes, "While Genco is being proactive with its lenders, we believe uncertainty regarding the final outcome exists. It's clear that an amendment of its facilities (or an equity offering) will further impact already reduced estimates. As such, we are lowering our price target to $7.50 from $8, which is based on a 7.6x target EBITDA multiple, from 8x."

Citi maintains Sell on GNK.


Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/05/1081906/update-citi-lowers-pt-on-genco-shipping-trading-to-7-50-#ixzz1MEz0n0Ku
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