UPDATE: Citigroup Downgrades SeaCube Container Leasing to Neutral Following Acquisition

Citigroup downgraded SeaCube Container Leasing

from Buy to Neutral and raised the price target from $21.00 to $23.00. Citigroup commented, "SeaCube's Board agreed to be acquired by Ontario Teachers Pension Plan for $23 per share in cash, 13% above Friday's $20.30 closing price and 130% above the company's IPO price of $10 in October 2010. … We are lowering our rating on SeaCube from Buy to Neutral, while increasing our target price to $23, in line with Ontario Teachers' offer, as we expect the shares to trade closely in line with the offer price." SeaCube Container Leasing closed at $20.30 on Friday.