Excel (EXM) (GRM) (IVN) (NWBI) SHBI) Get Ratings Downgrades

Excel Maritime Carriers Ltd (NYSE: EXM), Graham Packaging Company Inc (NYSE: GRM), Ivanhoe Mines Ltd (NYSE: IVN), Northwest Bancshares, Inc. (NASDAQ: NWBI) and Shore Bancshares, Inc. (NASDAQ: SHBI) downgraded by analysts.

Jefferies (NYSE:JEF) downgraded Excel Maritime Carriers Ltd (EXM) from a “Hold” rating to an “Underperform” rating.

Goldman Sachs (NYSE:GS) downgraded Graham Packaging Company Inc (GRM) from a “Buy” rating to a “Neutral” rating. They set a price target of $24.00 on the stock.

BMO Capital Markets downgraded Ivanhoe Mines Ltd (IVN) from an “Outperform” rating to a “Market Perform” rating.

FBR Capital downgraded Northwest Bancshares, Inc. (NWBI) from an “Outperform” rating to a “Market Perform” rating. They placed a price target of $13 on the firm.

Sandler O’Neill downgraded Shore Bancshares, Inc. (SHBI) from a “Buy” rating to a “Hold” rating.

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.

Excel Maritime (NYSE:EXM) Charters Support Risk-Reward Near Term

Excel Maritime (NYSE:EXM) has entered into charters for seven of its Kamsarmax vessels for approximately 1 year, offering support and upside if day rates increase.

FBR said, "Excel entered into charters for seven of its Kamsarmax vessels for roughly one year, increasing the company's 2011 contract coverage to 45% from 27%. The charters provide for a floor day rate at the break-even rate that we estimate at roughly $15,000 per day and allow for 100% of the upside since the rates are linked to the Panamax index. We believe the contract announcement reduces the downside risk to earnings if there is weakness in the dry bulk market, while preserving the upside if day rates improve from current levels. We maintain our rating on EXM, even though we believe these contracts improve the near-term risk-reward for EXM."

FBR Capital maintains a "Market Perform" rating on Excel Maritime, which closed Tuesday at $5.73, up $0.12, or 2.14 percent. FBR has a price target on them of $6.