Cantor Fitzgerald Downgrades Seaspan (SSW) to Hold
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Cantor Fitzgerald downgrades Seaspan Corp. (NYSE: SSW) from Buy to Hold and lowers its price target from $31 to $30, citing valuation.
The firm seems to believe that yesterday's equity offering was not necessarily a negative for Seaspan as Cantor "fully expects Seaspan to continue issuing shares like this from time to time" given its "significant capital expenditures requirements as a result of its aggressive growth strategy".
Cantor lowered its FY08 and FY09 EPS estimates on Seaspan from $1.24 and $1.38 to $1.18 and $1.32, respectively. The firm likes Seaspan's "stable revenue stream, built-in growth, low risk business model and high dividend payout", but believes the market has already priced in these positives.
Seaspan Corporation owns and operates vessels that are engaged in deep-sea container transportation business in Hong Kong. [BCS]
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