In an alert issued Friday afternoon, Mark Suarez upgraded the owner's Nasdaq-quoted stock from "neutral" to "buy" and stamped the shares with a $3.00 price target, which is $0.50 higher than the equity analyst's previous estimate.
The revisions follow the acquisition of 5,500-teu YM New Jersey and YM Los Angeles (both built 2006), which cost $21.5m a piece and will be chartered to Yang Ming at a rate of $21,000 per day until late 2016 or early 2017.
Suarez
