Navios Maritime Partners price target raised to $80 from $65 at Jefferies

Jefferies analyst Omar Nokta raised the firm’s price target on Navios Maritime Partners to $80 from $65 and keeps a Buy rating on the shares. Navios shares have been the strongest among the analyst’s shipping coverage this year, but the firm calls Navios “still deeply undervalued from an asset value perspective but more importantly on free cash flow” despite the 96% year-to-date gains. Management is putting the share buyback to work, while continuously rejuvenating the fleet with an eye on building revenue backlog, adds the analyst, who sees “significant further upside.”