OFS Capital downgraded to Neutral after prior price target achieved at Ladenburg. As previously reported, Ladenburg analyst Mickey Schleien downgraded OFS Capital to Neutral from Buy after the company reported Q3 net interest income per share that was in-line with expectations but also reported unrealized depreciation of 25c share due mainly to another mark-down of the Constellis second lien and that net asset value per share decreased 2%. Schleien noted that the stock has reached his previous price target of $12 and he now believes it is fairly valued.
"Our net investment income again exceeded our distribution," said CEO Bilal Rashid "Since our 2012 IPO, we have declared 26 consecutive $0.34 per share quarterly distributions totaling over $9 per share in regular and special distributions. We are working to establish an additional credit facility, which if consummated, would enable the Company to benefit from the incremental leverage permitted under last years' Small Business Credit Availability Act."