Barclays Maintains an 'Overweight' on Costamare (CMRE); Adjusting Numbers After Equity Offering
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Price: $11.07 +0.54%
Rating Summary:
4 Buy, 5 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 19 | Down: 16 | New: 47
Rating Summary:
4 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 47
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Barclays maintains an 'Overweight' on Costamare Inc. (NYSE: CMRE) price target lowered $1 to $16.00.
Analyst, Brandon R. Oglenski, said, "CMRE's recently announced and priced equity follow-on provides the company with greater capacity to pursue accretive acquisitions as containership values face downward pressure. We expect the company will initially use proceeds to replace older vessels currently on charter agreements with newer secondhand vessels, lowering the fleet's age profile. Over time, management should have greater flexibility in negotiating for incremental containerships, which we expect will drive increased earnings and shareholder value."
Barclays lowers FY12 EPS estimate from $1.48 to $1.13 and FY13 from $1.85 to $1.55.
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 $14.04 yesterday.
Analyst, Brandon R. Oglenski, said, "CMRE's recently announced and priced equity follow-on provides the company with greater capacity to pursue accretive acquisitions as containership values face downward pressure. We expect the company will initially use proceeds to replace older vessels currently on charter agreements with newer secondhand vessels, lowering the fleet's age profile. Over time, management should have greater flexibility in negotiating for incremental containerships, which we expect will drive increased earnings and shareholder value."
Barclays lowers FY12 EPS estimate from $1.48 to $1.13 and FY13 from $1.85 to $1.55.
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 $14.04 yesterday.
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