UPDATE: Deutsche Bank Raises PT to $8 on Capital Product Partners
Deutsche Bank increases its price target from $7 to $8 on Capital Product Partners (NASDAQ: CPLP) following a miss on lower revenues partially offset by lower opex.
Deutsche Bank comments, "Before yesterday's open, CPLP reported Q1 adjusted earnings of $0.02/unit, below our estimate of $0.04/unit and Consensus of $0.06/unit. The lower-than-expected results were primarily driven by lower revenue, partially offset by lower opex. We have adjusted CPLP's reported EPU of $0.05, excluding $1.0 million ($0.01/unit) of gains on sales of vessels and $0.6 million ($0.01/unit) of non-cash interest rate swap gains. We believe CPLP's risk reward profile is neutral at current levels and maintain our Hold-rating."
CPLP closed at $8.55 on Wednesday.
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