Dahlman Rose Maintains Buy, $22 Target on Seaspan Corporation

Dahlman Rose reiterates its Buy rating and $22 target price on Seaspan Corporation SSW on increased dividends and share repurchase announcement. Dahlman Rose says, "In January, Seaspan completed a tender offer for 11.3MM Class A shares at for a total of $169.5MM, and the Board has authorized the repurchase of up to $50.0MM of additional Class A shares. Combined with the company's increased dividend payout, we believe this signals Seaspan's commitment to rewarding shareholders. We reiterate our Buy rating and $22 price target, based on 10x 2012 EV/EBITDA." SSW closed at $17.27 a share on Wednesday.