UPDATE: Jefferies Raises PT to $43 on Textainer Group Holdings on Continued Fleet Growth

Jefferies maintained Textainer Group Holdings TGH with a Hold and lowered the price target from $40.00 to $38.00. Jefferies commented, "One-timers mask a miss to Street and JEFe. Utilization declines slightly, managed purchasers will likely boost core lease revenues, and the capex outlook for 2013 remains positive. … The company engaged in three managed acquisitions during the quarter totaling $208.6M and as a result increased the ownership percentage of their fleet from 59% to 73% over the course of the year. The increased ownership percentage should boost lease rental income as owned containers are significantly more profitable than managed containers." Textainer Group Holdings closed at $40.66 on Tuesday.