JP Morgan Lowers PT on Ares Capital from $19.00 to $17.00

J.P. Morgan has published a report on Ares Capital (NASDAQ: ARCC) lowering the price target $2.

In the report, J.P. Morgan wrote, "ARCC reported an in-line quarter with better than expected portfolio growth. Net additions to the portfolio reached $356M for the quarter, representing the highest quarterly growth in the history of the company. The recent decline in refinance activity is expected to reduce repayment activity in the portfolio, resulting in additional growth. Management continues to strategically shift the asset mix to include more senior secured, floating rate debt."

J.P. Morgan rated Ares Capital an Overweight with a price target reduced from $19.00 to $17.00. Ares Capital closed Thursday at $14.48.