CMRE - Costamare rallies on Citigroup's double upgrade on improving containership fundamentals

Citigroup double upgraded Costamare ([[CMRE]] +13.2%) to Buy from Sell, PT raised to $6.50 from $4.Analyst Christian Wetherbee believes that the recently improved containership fundamentals are likely to be sustained in the intermediate term, allowing strength in box rates to spill over to contract rates.YTD, stock has lost 46% vs. 18.5% gain in past 6 months trading.Quick look at charter rates vs. box rates:Costamare has 26 vessels coming off a charter over the next 15 months, which should benefit from a "sharp drawdown" in idle fleet capacity and liner companies' incentives to increase charter-in capacity, adds the analyst.Quick look at market environment:The inactive fleet (7.9%) is reduced from 12% from end of May 2020 levels; idle fleet represents 6% of existing fleet.In its latest earnings, the company reports 24 mew/extended charters since Q1 amid challenging and volatile environments.Also, the company took delivery of the 12,690 TEU containership YM Triumph, which commenced

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Costamare rallies on Citigroup's double upgrade on improving containership fundamentals