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DryShips Sees an Upgrade

Tickers in this article: DRYS

NEW YORK (TheStreet) -- DryShips received an upgrade to "buy" from "hold" late Tuesday by Nordea Equity Research analyst Axel Styrman, according to Bloomberg data.

Styrman raised his target price on the Greek dry bulk shipper to $2.10 from $2 on DryShips shares, which were up 1.10% to $1.84 Wednesday.

Styrman's report could not be obtained, and the Oslo-based did not immediately respond to an email message Wednesday. His upgrade comes after shares of the dry bulk shipper were dropped to "neutral" from "buy" by Swedbank First Securities analyst Erik Folkeson earlier this month.

According to a Bloomberg rating scale of one to five, with five being the highest, analysts give DryShips a rating of 3.17, compared to a sector average of 3.89.

-- Written by Dan Freed in New York.