UPDATE: Wunderlich Securities Initiates Coverage On Euroseas Ltd. On Attractive Dry Bulk Growth

In a report published Monday, Wunderlich Securities analyst Nicholas J. Bender initiated coverage on

with a Hold rating and $1.50 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Euroseas, Ltd. (ESEA) with a Hold rating and $1.50 price target. Euroseas is an owner and operator of a blended fleet that includes both dry bulk and container vessels. Though small in stature, the company has tremendous leverage to a steadily improving shipping cycle and exposure to a variety of growth scenarios via its multi-dimensional fleet. The company is pursuing organic growth as well, and has several efficient ECO vessels on order for delivery in late 2015/early 2016. This steady expansion of the fleet, combined with an improving demand backdrop, should position the company to experience accelerating EBITDA growth over the next several years.” Euroseas Ltd. closed on Friday at $1.11.