UPDATE: Stifel Nicolaus Initiates Costamere at Hold on Fair Valuation

In a report published Thursday, Stifel Nicolaus analyst Benjamin Nolan initiated coverage on Costamere (NYSE: CMRE) with a Hold rating.

In the report, Stifel Nicolaus noted, “We are initiating coverage of Costamare (CMRE) with a Hold rating. Although we expect Costamare to continue to take advantage of the currently distressed container shipping environment to cheaply consolidate assets, given our view for persistent weakness in charter rates, we do not see any material catalyst to drive up CMRE shares. Furthermore, with the shares already yielding 5.9% versus the ship lessor peer group yielding 6.8% and the shipping MLP peer group yielding 7.2%, we believe CMRE shares are fairly valued at current levels.”

Costamare closed on Wednesday at $18.29.