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UPDATE: Bank of America Downgrades Ares Capital Corporation to Neutral, Bullish Credit Thesis Played Out

Related ARCC
Benzinga's Top Upgrades
Barclays Upgrades Ares Capital To Overweight

Bank of America downgraded Ares Capital Corporation (NASDAQ: ARCC) from Buy to Neutral and maintained an $18.00 price objective.

Bank of America said, "With credit markets benefitting from a favorable backdrop, one marked by abundant liquidity, tightening spreads, and loosening credit discipline, we think ARCC reflects a healthy dose of optimism already and we see few catalysts for further upside. Much of the FV appreciation is already reflected in asset values with spreads having tightened materially, suggesting a more relative-value investment in ARCC. The 8% yield is generous on a relative basis, but warrants a Neutral rating, in our view."

Ares Capital Corporation closed at $18.47 on Friday.

Latest Ratings for ARCC

DateFirmActionFromTo
Dec 2014BarclaysUpgradesEqual-weightOverweight
Aug 2014JMP SecuritiesMaintainsMarket Outperform
Aug 2013Sterne AgeeInitiates Coverage onBuy

View More Analyst Ratings for ARCC
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Analyst Ratings

 

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