UPDATE: Global Hunter Securities Initiates CAI International with Accumulate, $21 PT on Growth Outlook, Valuation

Global Hunter Securities initiates its Buy rating on CAI International

with a rating of Accumulate and a price target of $21. Global Hunter Securities comments, "As one of several public container leasing companies, we believe that CAI International (CAP) represents the best opportunity in the group as it relates to current valuation, leverage ratio, fleet expansion and earnings growth. …We foresee an operating environment where CAI will be able to expand its company-owned fleet and subsequent earnings stream during a time when container leasing companies are likely to consolidate market share of the global shipping container fleet." CAP closed at $17.23 on Wednesday.