Information Provided By:
Fly News Breaks for October 29, 2019
Oct 29, 2019 | 08:47 EDT
JPMorgan analyst Richard Shane downgraded PennantPark Investment to Underweight from Neutral with a price target of $6.00, down from $6.50. The analyst expects modest net asset value compression when Business Development Companies report Q3 results, driven by a combination of divergent spread and lower interest rate expectations. While PennantPark's energy exposure has stabilized in the low-teens and the portfolio has low non-accruals, investor sentiment remains under pressure as a result of an overallocation to the energy sector and an elevated equity position, Shane tells investors in a research note. He believes the stock is unlikely to re-rate until net interest income is boosted so the dividend is more fully covered.
News For PNNT From the Last 2 Days
There are no results for your query PNNT