JP Morgan downgraded Navios Maritime Partners NMM from Overweight to Neutral and maintained its $16.00 price target.
JP Morgan commented, "After a modestly better than expected Q4 result, we remain confident in delivery of steady distributions through early 2014. However, absent a sharp recovery of the dry bulk market (and at the current NMM unit price), our estimates suggest a rising probability of a sizeable distribution cut in 2014 (c.20%). With NMM currently trading on a '13e yield in-line with the average
of the past two years (c.12%), a gradual shift of market focus to 2014 risks could result in more attractive entry points ahead. As such, we downgrade from Overweight to Neutral given less attractive risk/reward."
Navios Maritime Partners closed at $14.67 on Friday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in