Jefferies analyst Omar Nokta downgraded Capital Product Partners to Hold from Buy with a price target of $18, down from $22. The analyst believes the Red Sea diversions are likely to remain in place for an extended period. Given Houthi attacks continue to persist in the region, the likelihood of a return to normal trade flows seems increasingly off the table throughout 2024, the analyst tells investors in a research note. The firm cites its reduced liquified natural gas outlook for the downgrade of Capital Product Partners.
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