UPDATE: Morgan Stanley Downgrades Navios Maritime Partners As Current Dividend Is At Risk

In a report published Tuesday, Morgan Stanley analyst Fotis Giannakoulis downgraded the rating on

from Equal-Weight to Underweight, but named a $13.00 price target. In the report, Morgan Stanley noted, “NMM's distribution capacity declines as current dividend far exceeds earnings, charters roll over at lower levels, and coverage ratio is below 1x. We see the dividend stable in the NT, funded from cash reserves and new equity, but as its quality deteriorates the focus is likely to shift on NAV.” Navios Maritime Partners closed on Tuesday at $16.59.