UPDATE: Wunderlich Securities Initiates TCP Capital Corp at Buy; Driven by Value Creation

Wunderlich Securities initiated coverage on TCP Capital Corp

with a Buy rating and a $17.50 price target. Wunderlich Securities noted, "We are initiating coverage of TCP Capital Corp. (TCPC) with a Buy rating and a $17.50 target. TCPC extends unique loans to middle market companies, defined as companies with $100 million to $1.5 billion of enterprise value. The experienced external manager has invested over $10 billion across more than 200 companies through seven credit opportunity funds. TCPC benefits from the manager's direct origination platform and offers key structural advantages to promote value creation for shareholders. Our $17.50 price target is a 15% premium to our forward estimate of net asset value before realized or unrealized gains (losses)." TCP Capital Corp closed at $15.68 on Thursday.