Wachovia Downgrades Textainer Group Holdings (TGH) to Market Perform
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Wachovia downgrades Textainer Group Holdings, Ltd. (NYSE: TGH) from Outperfrom to Market Perform.
Wachovia analyst says, "We are downgrading shares of TGH to Market Perform as we believe a better entry point may emerge in 2009 given the substantial headwinds facing the container leasing industry due largely to expected lower utilization rates stemming from weak demand. While we view TGH as a strong operator, the container leasing industry faces considerable challenges such as increased direct container expense, pricing pressure, and the potential for additional customer defaults and/or bankruptcies. Accordingly, we are moving to the sidelines and awaiting a better entry point to grow more constructive on shares of TGH."
Textainer Group Holdings Limited (TGH) is the holding company of a group of corporations, Textainer Group Holdings Limited and subsidiaries (the Company), involved in the purchase, management, leasing and resale of a fleet of marine cargo containers.
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