SBLK-US (BUY, TP $23) Vessel Acquisition: The Star Shines Stronger (20-page report)

The company adds 16 vessels to one of the largest listed fleets in the industry to create a dry bulk behemoth. The deal is neutral on NAV but adds some value per share in terms of forward NAV and earnings multiples. This leads us to raise our target price from $22 to $23/sh. We reiterate our BUY rating and still highlight Star Bulk as a top pick in the dry bulk space.