UPDATE: Jefferies Upgrades Capital Product (CPLP) to Buy
- Wall Street ends volatile week sharply higher
- Disney (DIS) Dips As Streaming Business Shows Signs of Slowing Down, Analysts 'Very Bullish' on LT Opportunity
- Airbnb (ABNB) Bookings Up 52% to Help Sales Beat, Seen as a 'Blow Out Quarter' as More Upside is Left
- DoorDash (DASH) Reports Bigger Loss and a Sales Beat, Shares Soars on Strong Guidance and Two Upgrades to 'Buy'
- Coinbase (COIN) To Add Dogecoin Trading in the Next Few Weeks
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."
Shares of Capital Product closed at $12.37 yesterday.
You May Also Be Interested In
- ACV Auctions Inc (ACVA) PT Lowered to $41 as Jefferies Sees One Issue with the Quarter
- K-Bro Linen Inc. (KBL:CN) (KBRLF) PT Raised to Cdn$55 at TD Securities
- UPDATE: Raymond James Upgrades BancorpSouth (BXS) to Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!