UPDATE: Jefferies Upgrades Capital Product (CPLP) to Buy

April 22, 2021 3:23 AM EDT
Get Alerts cplp Hot Sheet
Price: $12.40 +1.06%

Rating Summary:
    5 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
Trade Now! 
Join SI Premium – FREE
(Updated - April 22, 2021 7:45 AM EDT)

Jefferies analyst Randy Giveans upgraded Capital Product (NASDAQ: CPLP) from Hold to Buy with a price target of $16.00.

The analyst commented, "Yesterday, CPLP announced the sale of two 9,288 TEU containerships for a total of$195 MM, with deliveries likely in May and August. The total sales price is well above current broker estimates valuing the vessels at $160-$180 MM, and will provide CPLPwith cash proceeds of $97.6 MM after debt repayment. To reflect substantial cash on hand for accretive acquisitions and/or significant return of capital to unitholders, we are upgrading CPLP to Buy with a $16 PT."

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

Shares of Capital Product closed at $12.37 yesterday.

You May Also Be Interested In

Related Categories

Analyst Comments, Upgrades

Related Entities

Jefferies & Co