Seaspan Shares Gap Lower On Q2 Earnings Miss; Bank Of America Downgrades
In a report released early Tuesday morning, Bank of America analyst Ken Hoexter noted that Seaspan (NYSE: SSW) missed his estimates on both the top and bottom line.
In response to the miss and on concerns of continued overcapacity and softness in the containership market, Hoexter has downgraded Seaspan from Neutral to Underperform and lowered his price target from $25 to $22.
Additionally, Hoexter has lowered his EPS estimates for 2014 and 2015 from $1.03 and $1.34 to $0.93 and $1.25, respectively.
Shares of Seaspan have dropped more than seven percent.
Latest Ratings for SSW
|Feb 2017||Morgan Stanley||Initiates Coverage On||Underweight|
|Dec 2016||Janney Capital||Initiates Coverage On||Neutral|
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