Cantor Fitzgerald Upgrades Navios Maritime Partners (NMM) to Buy; Citing Valuation, Low Yield

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Cantor Fitzgerald upgraded Navios Maritime Partners (NYSE: NMM) from Hold to Buy with a price target of $17.00 (lowered from $19).

Cantor analyst says, "We believe the sharp pullback in dry bulk stocks has created an attractive entry point for NMM, as we suggest the company's long-term charters (average charter length of 4.2 years), strong balance sheet, (total debt/EBITDA of 2.2x) and high dividend yield (current yield of 12.4%) could allow them to outperform many of their dry bulk peers. Furthermore, in recent weeks there has been a dramatic fall in interest rates, with the 10-year U.S. Treasury yield now at roughly 2.1%. Given that NMM is an MLP, we believe this low interest rate environment could help create demand for NMM with income investors."

For more ratings news on Navios Maritime Partners click here and for the rating history of Navios Maritime Partners click here.

Shares of Navios Maritime Partners closed at $14.14 yesterday, with a 52 week range of $11.06-$21.56.

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