UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Navios Maritime Acquisition Corp. Following Equity Raise

In a report published Friday, J.P. Morgan analyst Christopher G. Combe reiterated an Overweight rating on Navios Maritime Acquisition Corp. NNA, and slightly raised the price target from $3.90 to $4.25. In the report, Combe noted, “Fresh equity opens the door to further, accretive growth with apparent scope for 6-8 vessels (see detail below). Our upgraded year-end PT of $4.25 (+9% from $3.90) which is DCF-based, chiefly reflects the assumption that two newbuild options are exercised. Our bull case scenario includes six more additions which would safely add c.25% upside to our revised valuation (lifting upside potential from the current 15% to c.40%).” Navios Maritime Acquisition Corp. closed on Thursday at $3.87.