UPDATE: Credit Suisse Upgrades Seaspan On Attractive Yield Proposition

In a report published Wednesday, Credit Suisse analyst Gregory Lewis upgraded the rating on Seaspan Corporation (NYSE: SSW) from Underperform to Neutral, and raised the price target from $20.00 to $21.00.

In the report, Credit Suisse noted, “With a 7% dividend yield and our expectation that SSW grinds the dividend higher over the next two years as it takes delivery of 14 newbuilds (1 in 4Q14, 10 in 2015, and 3 in 2016) we believe SSW offers good value for long term yield oriented investors. We are increasing our TP to $21 (from $20) which equates to 8.5x 2015 EBITDA.”

Seaspan Corporation closed on Tuesday at $19.47.