UPDATE: Euro Pacific Capital Initiates Coverage on Costamare with Buy Rating, $16 PT
In a report published Wednesday, Euro Pacific Capital initiated coverage on Costamare (NYSE: CMRE) with a Buy rating and $16.00 price target.
Euro Pacific Capital noted, “We are initiating coverage of Costamare (CMRE) with a BUY rating and a price target of $16.00. CMRE leases container ships to leading container operators under fixed rate contracts with varying maturities equating to a weighted average charter length of 5.4 years. CMRE operates a fleet of 47 vessels with 10 newbuildings to be delivered starting in 1Q13 through 1Q14. Our favorable rating on the stock is based on a gradually improving charter rate environment, strong exposure to the faster growing emerging market segments, a flexible balance sheet and a likely rising dividend profile. We believe the stock will benefit from improving demand/supply fundamentals in the small to mid-sized vessel containership segment.”
Costamare closed on Tuesday at $13.90.
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Tags: Euro Pacific Capital