Seaport Global Securities has cut 16.7% from its price target for shares of New York-listed Costamare.
The investment bank’s shipping analyst, Charles Rupinski, said the reduction from $12 to $10 follows “multiple compression” for containership owners.
He blames the crunch on the difficult box shipping environment and concerns over the global economy and China.
Deteriorating sentiment
“Near-term sentiment for the liner companies, the customers of CMRE and the container shipping group has deteriorated on China and global macro concerns,” he said, referring to Costamare by its stock ticker.
Rupinski
