UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Textainer Group Holdings on Q4 Miss

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Textainer Group Holdings

, but lowered its price target from $40.00 to $38.00. Deutsche Bank noted, “Yesterday before the open, TGH reported adjusted EPS of $0.86/share, below our estimate of $0.96/share and Consensus of $0.95/share. Our adjusted results exclude unrealized gains on swaps and caps of $2.3 million ($0.04/share) and a $9.4 million bargain purchase gain ($0.17/share). The miss to our estimates was primarily driven by weaker-than-expected management fees and container trading revenue. TGH announced a $0.45/share dividend, a 2.3% increase q/q, resulting in a 4.3% current dividend yield as of February 12. Given the utilization headwinds and limited capex growth, we remain on the sidelines for shares of TGH. Hold.” Textainer Group Holdings closed on Tuesday at $40.66.