UPDATE: Deutsche Bank Downgrades Navios Maritime Partners LP to Hold on Distribution Risk, Valuation

Deutsche Bank downgraded Navios Maritime Partners LP NMM from Buy to Hold and lowered the price target from $16.00 to $14.00. Deutsche Bank commented, "On Thursday, NMM reported Q4 EPU of $0.29/unit, above our estimates of $0.28/unit and Consensus of $0.27/unit. The upside report resulted from modestly higher net revenue, which drove the penny beat to our estimates. However, given NMM's declining time charter coverage in 2014 and our weak market expectations, we expect material distribution coverage degradation and see the potential for a distribution cut in 2014. Due to NMM's heightened distribution risk, as well as its material outperformance YTD (19.5% gain vs. the S&P's 5.4% gain) we are stepping to the sidelines and downgrading NMM from BUY to HOLD." Navios Maritime Partners LP closed at $14.67 on Friday.