UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Costamare Following Strong 2Q14 Results

In a report published Thursday, Morgan Stanley analyst Fotis Giannakoulis reiterated an Overweight rating on Costamare CMRE, but removed the $22.00 price target. In the report, Morgan Stanley noted, “2Q14 results well above consensus on lower expenses. CMRE reported adjusted EPS of $0.48, surpassing our $0.32 estimate and consensus' $0.38. Revenue of $124m was +7% QoQ and +22% YoY, matching our expectations, but cash expenses came 13% below our forecast with average daily costs falling 5% YoY. As a result, adjusted EBITDA of $87m (+8% QoQ, +29% YoY) beat our estimates by 5%.” Costamare closed on Wednesday at $23.44.