BofA/Merrill Lynch Downgrades Seaspan (SSW) to Underperform (Earlier)

BofA/Merrill Lynch downgraded Seaspan (NYSE: SSW) from Neutral to Underperform with a price target of $22.00 (from $25.00) following Q2 normalized EPS of $0.19, below their estimate of $0.23 target and consensus of $0.21.

"While we continue to believe that Seaspan is well positioned to benefit from a rebound in the containership market, as it manages 70% plus of all vessels ordered above 10,000 TEU, we are also increasingly concerned about EPS shortfalls in the interim and that dividend distributions continue to exceed earnings."

For an analyst ratings summary and ratings history on Seaspan click here. For more ratings news on Seaspan click here.

Shares of Seaspan closed at $23.84 yesterday.

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