Wells Fargo Upgrades Navios Maritime Acquisition Corp. (NNA) to Outperform

February 13, 2013 7:25 AM EST
Get Alerts NNA Hot Sheet
Price: $2.48 --0%

Rating Summary:
    8 Buy, 3 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 19
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Wells Fargo upgraded Navios Maritime Acquisition Corp. (NYSE: NNA) from Market Perform to Outperform and raised its valuation range from $3.50-$4.50 from $3-$4.

The firm comments, "We are upgrading shares of NNA to Outperform, from Market Perform, as we believe its undervalued product tanker market exposure drives a positive risk/reward profile for the stock. NNA posted Q4 EPS of $0.01 yesterday, above our estimate of -$0.04 and Consensus of -$0.03, stemming largely from better-than-expected net revenue. Shares traded up by 11% on the beat (vs. S&P 500, flat) as NNA highlighted its exposure to the firming product tanker market. NNA also declared a quarterly dividend of $0.05/share, inline with the prior quarter and our expectations, representing a 7% yield, which we view as attractive given its growth and exposure to a firming market. We are revising our 2013 EPS estimate to $0.06 (from $0.04) based on revised revenue and expense estimates, we are introducing our 2014 EPS estimate of $0.20, and we are increasing our valuation range to $3.50-$4.50 (from $3-$4)."

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

Shares of Navios Maritime Acquisition Corp. closed at $2.97 yesterday.


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