UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on SeaCube Container Leasing
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on SeaCube Container Leasing (NYSE: BOX), and slightly raised its price target from $23.00 to $24.00.
Deutsche Bank noted, “After the close on Thursday, BOX reported Q3 adjusted EPS of $0.63, below our estimate of $0.67 and Consensus of $0.69. The weaker-than-expected results were primarily driven by modestly lower-than-expected revenue ($2.2 million), which was attributed to box on-hire timing in the quarter. BOX declared a Q3 dividend of $0.30/share, up $0.01/share or 3.4% q/q, representing 47% of net income. Annualized, the new dividend results in a current yield of 6.4% (as of November 6) and was inline with DBe. We continue to see upside to shares of BOX on our improved 2013 capex outlook and long-term contract coverage. Maintain Buy.”
SeaCube Container Leasing closed on Tuesday at $18.66.
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