Deutsche Bank Downgrades Navios Maritime Partners (NMM) to Hold

January 28, 2013 8:47 AM EST
Get Alerts NMM Hot Sheet
Price: $1.61 +4.55%

Rating Summary:
    6 Buy, 6 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Deutsche Bank downgraded Navios Maritime Partners (NYSE: NMM) from Buy to Hold with a price target of $14.00 (from $16.00).

The firm comments, "On Thursday, NMM reported Q4 EPU of $0.29/unit, above our estimates of $0.28/unit and Consensus of $0.27/unit. The upside report resulted from modestly higher net revenue, which drove the penny beat to our estimates. However, given NMM's declining time charter coverage in 2014 and our weak market expectations, we expect material distribution coverage degradation and see the potential for a distribution cut in 2014. Due to NMM's heightened distribution risk, as well as its material outperformance YTD (19.5% gain vs. the S&P's 5.4% gain) we are stepping to the sidelines and downgrading NMM from BUY to HOLD."

The firm is lowering 2013 EPU estimate to $0.87 from $0.93 and introducing our 2014 estimate of $0.80.

For an analyst ratings summary and ratings history on Navios Maritime Partners click here. For more ratings news on Navios Maritime Partners click here.

Shares of Navios Maritime Partners closed at $14.67 yesterday.

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