Navigator Holdings downgraded to Market Perform at Wells Fargo
As previously reported, Wells Fargo analyst Michael Webber downgraded Navigator Holdings to Market Perform from Outperform and lowered his price target on the shares to $10.50 from $14. The analyst believes the sluggish Macro backdrop helps drive a more balanced risk/reward for the shares. While the market's been generally willing to look past the current day rate air-pocket, Webber thinks the degree of forward credit afforded to Navigator Holdings is likely limited through most of 2019 as the market grapples with the impact of softer crude/commodity prices and a potentially slowing global economy, and how that impacts the bid for secondary/tertiary energy-related names like Navigator Holdings. The analyst expects the stock to be range-bound through most of the first half of 2019.