Analysts at Cantor Fitzgerald reiterate their "buy" rating on Eagle Bulk Shipping Inc (EGLE), while reducing their estimates for the company. The target price has been reduced from $36 to $34. In a research note published this morning, the analysts mention that the company is expected to realise $7.3 million in expenses annually in 2008 and 2009 and $6.6 million in 2010 as a result of restricted stock grants to the management in 2007. The downward revision in the earnings estimates reflects the non-cash compensation expense disclosures in Eagle Bulk Shipping's 10-K filing, higher interest expense estimates and increased operating expense projections, the analysts say. The EPS estimates for 2008 and 2009 have been reduced from $1.72 to $1.58 and from $2.53 to $2.39, respectively.