Danaos (DAC) PT Raised to $110 at Jefferies

Jefferies analyst Omar Nokta raised the price target on Danaos (NYSE: DAC) to $110.00 (from $105.00) while maintaining a Buy rating.

The analyst comments "Danaos reported a 3Q miss as Cape earnings came in softer than expected. With the successful placement of its $500 million bond and most proceeds used to repay debt, Danaos extended its orderbook with six 1,800 TEU containerships, four of which have been contracted for 10 years at about $16,150/day. It raised its dividend by $0.05/sh to $0.90/sh as its revenue backlog now stands at $4.1 billion. We raise our price target to $110 and reiterate our Buy rating."

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