Excel Maritime (NYSE:EXM) Downgraded on Open Days

Citing too many open days, especially in their Panamax vessel class segment, Excel Maritime (NYSE:EXM) was downgraded by Cantor Fitzgerald.

Cantor says, "While we believe EXM's management team has done an admirable job of putting its leverage problems behind it, we suggest the company maintains a large amount of open days, particularly in the Panamax vessel class segment. Given our rate outlook for 2011, we suggest this could weigh on earnings.

"We lower our 4Q:10 EPS forecast to $0.02 (from $0.09). We also lower our 2011 EPS estimate to ($0.27) (from $0.18) and EBITDA forecast to $192 million (from $223 million)."

Cantor Fitzgerald downgraded Excel Maritime (EXM) from "Buy" to "Hold." Excel closed at $5.03 Friday, falling $0.19, or 3.64 percent. Cantor slashed their price target on Excel Maritime from $7 to $5.