UPDATE: Ascendiant Capital Reiterates Firsthand Technology at Buy, Maintains PT
In a report published Tuesday, Ascendiant Capital reiterated its Buy rating on Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC), and maintained price target of $21.
Ascendiant Capital noted, "[we] are maintaining our BUY and $21 price target, which reflects a 10% discount to our calculated 2013 (year-end) NAV per share of $23.68. This discount is larger than our estimate of the current investments' market value below the company's calculated investments' Fair Value, and we believe is conservative (as we are applying a discount to its cash holdings as well). We are being conservative given its recent weak track record, but believe this more than appropriately balances out the risks with growth prospects of its current and future investments."
Firsthand Technology closed at $17.35 on Tuesday.
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Tags: Ascendiant Capital