Cantor Fitzgerald analyst David Chiaverini said he does not expect "the floodgates to open" in terms of M&A in the Business Development Company space after TPG Specialty Lending (TSLX) proposed to acquire TICC Capital (TICC), but he does think the bid may open up the possibility of other proposals in the space. Among BDC stocks that the firm covers, Chiaverini sees KCAP Financial (KCAP) as the most likely takeover target, noting that its shares are trading at only 66% of book value, compared with 88% for its peer group. The analyst has a Hold rating and $6 price target on KCAP shares.