UPDATE: Jefferies Reiterates Buy, Lowers PT to $19 on Seaspan

Jefferies maintains its Buy rating on Seaspan Corporation SSW and lowers its price target from $21 to $19 as share tender offer is announced. Jefferies says, “This morning, Seaspan Corporation announced that it had launched a tender offer to purchase up to 10 million shares of the Company's outstanding Class A common shares at $15 per share, and that it was purchasing its ship management company for $54 million.” SSW closed at $10.45 per share on Tuesday.