UPDATE: Dahlman Rose Raises PT on CAI International on Strong Fundamentals

In a report published Friday, Dahlman Rose reiterated its Buy rating on CAI International

, and raised its price target from $28.00 to $35.50. Dahlman Rose noted, “We are reiterating our Buy rating and raising our price target on the common shares of CAI International to reflect continued strong fundamentals. The company issued new equity in December 2012 at $19/share, raising $50 million to be used to acquire containers in 2013. At current prices, the shares are up more than 47% from that level, and are up by more than 20% since the end of January. We believe these shares can sell at 10x forward EPS estimates, or $35.50/share. This is still a 60% discount to the current market multiple of 17.6x S&P earnings.” CAI International closed on Thursday at $28.44.