“Top Ships downgraded at Maxim on potential for delays at shipyards”
July 15, 2020
“Top Ships (TOPS -4.8%) tumbles after Maxim Group downgrades shares to Hold from Buy and removes its prior $0.40 price target, citing the potential for delays at shipyards delivering five new ships to the company in 2021.
The company has four ships in its current fleet with end of firm period contracts in 2021 that may have lower daily rates and/or downtime between contracts if volatility in global shipping activity continues, analyst Tate Sullivan notes.
Top Ships also recently announced pricing on its most recent equity offering of $0.10/share on July 7, down from the previous equity offering’s price of $0.12 on June 24.
TOPS’ average Wall Street analyst rating is Bullish, while its Seeking Alpha Authors’ Rating is Very Bearish.”
https://seekingalpha.com/news/3590751-top-ships-downgraded-maxim-on-potential-for-delays-shipyards