Deutsche Bank downgrades Navios Acquisition

Deutsche Bank has downgraded Navios Maritime Acquisition Corporation (NNA) over negative prospects for the group’s dry business.

Although the tanker owner posted strong fourth quarter results with a profit of $20.1m, the bank has now placed a “hold” rating on NNA’s shares.

Amit Mehrotra, analyst at Deutsche Bank, wrote in a report: “While NNA reported strong Q4 results and is on solid fundamental footing, we did not get comfortable post conference call that NNA would not be used to subsidize weaker results elsewhere in the Navios complex.”

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