Deutsche Bank reiterates its Buy rating and its price target of $18 per share on Seacube Container Leasing Ltd BOX and raises its estimates for 2011 and 2012 EPS after Q3 upside.
According to Deutsche Bank, “BOX reported Q3 adjusted EPS of $0.55, ahead of our estimate of $0.54 and Consensus of $0.53. The upside report was primarily driven by lowerthan-expected taxes (virtually no tax), while higher revenue was offset by higher depreciation and direct operating expenses. Adjusted earnings exclude $2.3 million in non-cash interest expense ($0.11/share). We are maintaining BOX's Buyrating, given its attractive current dividend yield (7.2% as of 11/9), valuation discount to its peers and growing long-term leased portfolio.”
Estimates for 2011 and 2012 EPS are raised to $2.11 and $2.32 from $2.05 and $2.31, respectively.
BOX closed Wednesday's trading at $13.33 per share, down 1.7 percent.
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