Dahlman Rose Reiterates Buy on CAI International

Dahlman Rose reiterated its Buy rating on CAI International

. At the same time, Dahlman left its price target unchanged at $34 after a meeting with the company's management. In a research report published today, Dahlman states, "We are reiterating our Buy rating and $34 price target on the common shares of CAP. We believe these shares can sell at 12x estimated 2012 EPS of $2.80, which may prove to be conservative. Capital spending in the last 12 months was $390 million; we estimate CAP will invest as much as $500 million in CY2011 to expand its fleet of containers. CAP is the sixth-largest container lessor with 6.7% of the market. The fleet consists mostly of dry boxes. The shares have sold off from their recent 52-week high and year-to-date are up by 15.3%." On Thursday, CAI rose 0.49% to close the day at $22.71.