) to equal-weight from underweight.
Analyst Mark MacLean says the upgrade is based on valuation. He says the surge in secondhand ship values has increased his net asset value estimate for the company from $26 to $35 per share since early November.
He notes this has driven the company's price to a net asset value of 156% to 111% currently, consistent with its peer group and suggesting in-line performance with its peer group.
MacLean has $8.37 2004 earnings per share estimate, a $5.11 2005 earnings per share estimate, and $3.75 2006 earnings per share.