UPDATE: Stifel Nicolaus Downgrades Medley Capital Corporation to Hold on Valuation
Stifel Nicolaus reduced its rating on Medley Capital Corporation (NYSE: MCC) from Buy to Hold and suspended its $14 price target.
Stifel Nicolaus noted, "We are downgrading Medley Capital to Hold from Buy as the stock has increased meaningfully above our target price and we cannot justify a new target price high enough to maintain our Buy rating. … We still believe MCC is a very good company with a solid 9.7% dividend yield and we are comfortable with investors holding the stock for the dividend yield."
Medley Capital Corporation closed at $14.82 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.