UPDATE: Citi Initiates Coverage on SeaCube Container Leasing at Buy

According to Citi, SeaCube Container Leasing

coverage is initiated at Buy. Citi said that it is initiating coverage with a Buy and $16 price target. “Our $16 price target on BOX shares is based on a 6.2x multiple of 2012 adjusted EBITDA, which adds back cash flow generated from direct finance leases, and provides a 18.4% ETR when added to its 7.1% dividend.” SeaCube Container Leasing closed yesterday at $14.38.