Paragon Shipping Inc. (NYSE:PRGN) Earnings for 2011 Lowered by Cantor Fitzgerald

Cantor Fitzgerald lowered their earnings per share estimates for Paragon Shipping Inc. (NYSE:PRGN) for 2010 and 2011, along with EBITDA.

"We now look for Paragon to report 2010 EPS of $0.39 (from $0.33) and EBITDA of $65 million (from $67 million). For 2011, we look for PRGN to generate EPS of $0.40 and EBITDA of $70 million. We note that our 2011 estimates assume the company's open vessels achieve an average daily rate of $18,000 for the Handymaxes," said Cantor.

Cantor maintained a "Buy" rating on Paragon, while lowering their price target.

Paragon closed Wednesday at $3.69, losing $0.03, or 0.81 percent. Cantor dropped the price target on them from $6 to $5 a share.