UPDATE: Clarkson Capital Markets Initiates Navios Maritime Acquisition Corporation at Outperform on Taker Exposure
Clarkson Capital Markets coverage on Navios Maritime Acquisition Corporation (NYSE: NNA) with an Outperform rating and a $3.25 price target.
Clarkson Capital Markets commented, "Long-term product tanker market is attractive… We forecast that product tanker demand will have a 2012-2015 CAGR of 4.2% and looks to exceed product tanker fleet supply which we estimate to have a 2.0% CAGR over the same period. … NNA's attractive exposure to the fundamentally improving product tanker market, its long term contract cover, its funded capex and its ability to pay its dividend, and, possibly, raise it over the long-term, drive our Outperform rating."
Navios Maritime Acquisition Corporation closed at $2.52 on Friday.
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