Deutsche Bank Downgrades Navios Maritime Acquisition Corp. (NNA) to Hold

Deutsche Bank downgraded Navios Maritime Acquisition Corp. (NYSE: NNA) from Buy to Hold, price target lowered from $6 to $4.

Deutsche analyst says, "We are downgrading NNA given the continued weakness in the crude and product tanker sectors. While NNA’s current crude fleet exposure is fixed on long-term contracts, the company’s soon-to-deliver product tanker fleet remains largely uncovered. NNA pays a sustainable dividend (5.7% current yield) backed by the cash flow provided by its fixed VLCC and product tanker fleet, that should help minimize further share price downside."

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

Shares of Navios Maritime Acquisition Corp. closed at $3.56 yesterday.

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