Stifel analyst Benjamin Nolan downgraded Costamare to Hold from Buy with a price target of $11, down from $12.50. The analyst cites the "rapidly deteriorating" container market for the downgrade. While Costamare has almost all of its near-term container cash flows locked in on medium- to long-term charters, a "significantly oversupplied" container market should gradually weigh on its cash flows and is unlikely to provide any upward catalyst, Nolan tells investors in a research note.
Published first on TheFly
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