Keefe Bruyette analyst Ryan Lynch downgraded Horizon Technology to Underperform from Market Perform and lowered his price target for the shares to $10 from $10.50. The company should not trade at a premium valuation, which it does today, given its low historical economic returns, Lynch tells investors in a research note. The analyst is also skeptical that Horizon's good current credit quality will persist over the medium term. There are several business development companies that have "much stronger" historical returns versus Horizon but are trading at lower valuations, contends Lynch.