Loading...
Loading...
In a report published Thursday, Stifel Nicolaus analyst Benjamin Nolan initiated coverage on
Navios Maritime Acquisition Corp.NNA with a Hold rating and $5.50 price target.
In the report, Stifel Nicolaus noted, “We are initiating coverage on Navios Maritime Acquisition (NNA) with a Buy rating and a $5.50 price target. Given our expectation for a strengthening product-tanker charter rate environment over the next two years, we believe the shares are likely to see tailwinds as cash flows and asset values improve. With 21 product tankers set to be delivered in 2013, 2014, and 2015, we are expecting rapid growth of earnings and cash flows as well as further diversification away from the original base of crude tanker assets. With the shares trading at just 7.0x our 2015 EV/EBITDA estimate, which reflects only most improvements in product tanker rates and is below the industry average multiple of 7x-8x, we believe NNA shares should appreciate as product tanker rates improve and cash flows materialize.”
Navios Maritime Acquisition Corp. closed on Wednesday at $3.61.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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