Credit Suisse Downgrades Costamare Inc. (CMRE) to Underperform

Credit Suisse downgraded Costamare Inc. (NYSE: CMRE) from Neutral to Underperform with a price target of $5.00 (from $7.00).

Analyst Gregory Lewis comments "CMRE has done a good job of positioning for an extended downturn by taking 1) daily cash costs down ~8% Y-Y in 2016, 2) fixing ~65% of its 2017 revenue days, and 3) increasing liquidity. However, the backdrop for containerships remains challenged with the idle fleet near peak levels and charter rates near all-time lows. With 32 ships up for re-charter this year (includes 4 currently idle), we expect near term results to be under pressure. We lower our rating to Underperform (from Neutral) and lower our TP to $5 (from $7). Our $5 TP is ~7x our 2018 EBITDA, 1-turn above peers."

For an analyst ratings summary and ratings history on Costamare Inc. click here. For more ratings news on Costamare Inc. click here.

Shares of Costamare Inc. closed at $6.01 Friday.

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