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Investing.com - Jefferies has assumed coverage on Taylor Maritime Investments (LON:TMI) with a Buy rating and a price target of $1.00, according to a research note released Monday.
The coverage transition comes as Taylor Maritime Investments has changed its structure from a closed-end investment fund to a commercial company trading with equity shares.
Jefferies noted that the current earnings of TMI are not reflective of the company’s earnings power due to this being a transition period for the firm.
The research firm highlighted that TMI shares currently trade at a discount to their net asset value (NAV) assessment of $325 million, or $1.00 per share, even as the company is expected to maintain a net cash position following the completion of its recent asset sales.
Jefferies stated that its price target is based on its NAV assessment of the company.
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