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UPDATE: Euro Pacific Capital Initiates Coverage on Costamare with Buy Rating, $16 PT

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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.

Latest Ratings for CMRE

DateFirmActionFromTo
Apr 2015Bank of AmericaDowngradesNeutralUnderperform
Feb 2015Global HunterInitiates Coverage on
Sep 2014Clarkson CapitalInitiates Coverage onBuy

View More Analyst Ratings for CMRE
View the Latest Analyst Ratings

Posted-In: Euro Pacific CapitalAnalyst Color Initiation Analyst Ratings

 

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