UPDATE: Deutsche Bank Reiterates Hold Rating, Lowers PT on Seaspan Corporation Following Q1 EPS Report

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on

, but lowered the price target from $25.00 to $23.00. In the report, Deutsche Bank noted, “SSW reported adjusted Q1 normalized EPS of $0.18, below both our estimate of $0.21 and Thomson One Consensus of $0.22. Results were negatively impacted by lower-than-expected revenue related to softer rates on short-term contracts, in addition to the re-delivery of a vessel in the quarter. Ship operating expenses also constrained results and are expected to remain elevated over time as the fleet ages and the average size of the company's vessels increases. While SSW is a quality operator that has proven the ability to increase dividends over time (6.5% dividend yield), our cautious view of the container sector leaves us on the sidelines at this time. HOLD.” Seaspan Corporation closed on Tuesday at $21.27.