Credit Suisse Downgrades Scorpio Bulkers (SALT) to Neutral

Credit Suisse downgraded Scorpio Bulkers (NYSE: SALT) from Outperform to Neutral with a price target of $3.00 (from $10.00) following Q4 results.

Analyst G. Lewis said, " Under a backdrop of declining asset prices and our expectation of continued weakness in asset prices we are in a holding pattern on SALT. Bottom line: there are more sellers than buyers which points to lower asset prices.We are lowering our 2015/2016 EPS estimates to a loss of $0.36/+$0.19 to account four our updated rate assumptions."

For an analyst ratings summary and ratings history on Scorpio Bulkers click here. For more ratings news on Scorpio Bulkers click here.

Shares of Scorpio Bulkers closed at $2.76 yesterday.

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