GNK Similar Chart Price Prediction
The price of GNK is predicted to go up 3.02%, based on the high correlation periods with RCKY. The similarity of these two price pattern on the periods is 91.63%.
GNK
RCKY
Up: 3.02%Similarity: 91.63%
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GNK Analyst's Forecast
Benjamin Nolan
Stifel
Strong Buy → Hold
Price Target
$26 → $17
Upside
+7.53%
Stifel analyst Benjamin Nolan downgraded Genco Shipping to Hold from Buy with a price target of $17, down from $26. The firm says that for the better part of the past four years, most shipping segments have been strong, following a multi-year period of weakness. Growing demand and limited supply account for much of the strength, which has been augmented by longer ton-miles from Russian sanctions and the effective closure of the Red Sea, the analyst tells investors in a research note. Stifel believes that while these factors show no signs of reversing, and ship supply is "reasonable albeit higher," it expects the demand drivers, at least in the near term, to be played out. Most shipping segments are headed toward a rate pause, which should drag asset values lower, contends the firm. As such, it downgraded a number of dry bulk and tanker names "as the market finds its new level next year."