Piper Jaffray Reiterating Overweight On Textainer Group (TGH)

Piper Jaffray is reiterating its Overweight rating and $42 price target on shares of Textainer Group TGH after it reported earnings. In a note to clients, Piper Jaffray writes, "Last night, Textainer announced it acquired 171k TEU out of its managed fleet for $174m. We believe the transaction is immediately accretive as Textainer earns ~3x as much from owning a container vs. managing it. We are maintaining our estimates for now but feel there is upward pressure from the increase in the owned portion of its fleet and from potentially higher capex. Separately, our proprietary analysis indicates global port traffic remained vibrant in April. We reiterate our Overweight rating and $42 target." Shares of TGH lost 98 cents yesterday to close at $31.72, a loss of 3.00%.