Danaos (DAC) PT Raised to $18 at Jefferies

Jefferies analyst Randy Giveans raised the price target on Danaos (NYSE: DAC) to $18.00 (from $13.00) while maintaining a Buy rating.

The analyst commented, "Containership charter rates continue to strengthen, and DAC shares continue to climb as the Company locks in new charters at elevated rates for 12-24 months. Although the shares have recovered rapidly following the Cerberus share sale (note here), we believe DAC still trades at an attractive discount relative to its historical EV/EBITDA multiple of6.5x and relative to its peer group average of 6.1x. We reiterate our Buy rating and are increasing our PT to $18."

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