UPDATE: Citigroup Initiates Navios Maritime Partners at Buy on Dividend Stability Expectations

Citigroup initiated Navios Maritime Partners NMM with a Buy rating and a $14.50 price target. Citigroup commented, "We are initiating coverage of Navios Maritime Partners with a Buy rating and $14.50 price target, which coupled with its 13% dividend yield provides an 18% expected total return. We believe the key issue in determining the merits of NMM shares rests on its ability/desire to at least maintain its $1.77 current annual dividend through 2014, and as our analysis suggests it's likely, we think shares have upside, thus Buy." Navios Maritime Partners closed at $13.84 on Monday.