Analyst Charles Rupinski, who covers shipping stocks for the US firm, also said the ratings downgrade from “accumulate” was a result of his ratcheting down of earnings estimates for 2016.
Rupinski used a first-quarter shipping sector update to lower his estimates of Navigator’s earnings per share (EPS) to $2.16 from $2.30 next year.
He also said in a note to clients that he expects Navigator to deliver $1.84
