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In a report published Wednesday, Credit Suisse analyst Gregory Lewis upgraded the rating on
Seaspan CorporationSSW from Underperform to Neutral, and raised the price target from $20.00 to $21.00.
In the report, Credit Suisse noted, “With a 7% dividend yield and our expectation that SSW grinds the dividend higher over the next two years as it takes delivery of 14 newbuilds (1 in 4Q14, 10 in 2015, and 3 in 2016) we believe SSW offers good value for long term yield oriented investors. We are increasing our TP to $21 (from $20) which equates to 8.5x 2015 EBITDA.”
Seaspan Corporation closed on Tuesday at $19.47.
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