After CAI International (CAI) announced this morning that its board has been working with Centerview Partners to explore the company's strategic alternatives, William Blair analyst Brian Hogan told investors that he thinks the company is worth "at least tangible book value," which he calculated to be about $33 per share currently and projects to be $38 by the end of 2020. The analyst, who noted that he has thought for a long time that the industry would benefit from further consolidation, believes Triton International (TRTN) would be among the logical strategic buyers of CAI. Private equity buyers could also be interested given the strength of CAI's cash flow and the potential to roll-up added assets in the space, contends Hogan, who keeps an Outperform rating on CAI shares.