Deutsche Bank Upgrades Navios Maritime Partners (NMM) to 'Buy' After Recent Share Price Dip

Deutsche Bank upgraded Navios Maritime Partners (NYSE: NMM) to Buy with a price target of $20.00.

Deutsche analyst says, "We are upgrading NMM to Buy given the recent slip in share price (21.2% decline from its April peak of $21.30), continued long-term contract coverage and sustainable distribution. With 100% and 96% time charter in 2011 and 2012 (backed by insurance), we see little intermediate term risk to the distribution which at its current share price of $17.75, provides a 10.9% current yield. Shares are off 17.0% YTD as the company has traded lower with the rest of the dry bulk sector. However as the company continues to grow its distribution and its yield, we see both upside in NMM’s share price and continued current returns from its distribution to 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 $16.75 yesterday.

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