A controversial in-house loan has cost Navios Maritime Acquisition (ticker symbol: NNA) its “buy” rating from a leading analyst, who has now placed the stock in his “sell” bin.
Analyst Michael Webber of Wells Fargo brought the hammer down on NNA in a client note this morning, describing the $50m loan as “very unfriendly” for its shareholders.
As TradeWinds has reported, Webber was the lone analyst to publicly question NNA over the lifeline to ailing parent Navios Maritime Holdings (ticker symbol: NM) after it failed to disclose the loan in its quarterly earnings report.
Navios instead tucked the item into a PDF deck it presented on its earnings call with analysts.
