UPDATE: DA Davidson Initiates Neutral, $37 PT on Belden on Pressured Multiples

DA Davidson initiates Belden BDC with a Neutral rating and a price target of $37. DA Davidson notes, " We are initiating coverage with a NEUTRAL rating and $37 price target. Belden is an attractive long-term story with intriguing themes. However, we believe multiples could remain under pressure as concerns regarding Europe weigh on the shares." BDC closed at $32.62 on Thursday.