Jefferies maintains a 'Hold' on Ship Finance International (SFL); Cutting PT After 3Q11 EPS Below Expectations

Jefferies maintains a 'Hold' on Ship Finance International (NYSE: SFL) price target lowered from $14 to $11.

Jefferies analyst says, "Ship Finance reported a 3Q11 EPS of $0.38, excluding losses from mark-to-market derivatives, which was below both Street consensus of $0.43 and our estimate of $0.42 primarily due to lower than expected operating lease revenue and negative profit sharing adjustment."

"With significant time charter contract coverage with an average time charter contract duration of 10.9 years and an unchanged market outlook for each of Ship Finance's end-user markets, we are maintaining both our 4Q11 EPS estimate as well as our 2012 EPS estimate." (Jefferies lowers FY11 EPS estimate from $1.60 to $1.55)

For an analyst ratings summary and ratings history on Ship Finance International click here. For more ratings news on Ship Finance International click here.

Shares of Ship Finance International closed at $10.45 yesterday.

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