UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on WhiteHorse Finance Following 1Q Results

In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on WhiteHorse Finance WHF, but slightly lowered the price target from $17.00 to $16.75. In the report, Poole noted, “1Q results below estimates, but expect portfolio growth to drive NII growth. While 1Q NII was below our estimate given slower portfolio growth and higher expenses, the current cash yield of the portfolio increased 40bps sequentially. We expect NII to benefit as WHF deploys its $237 million of cash and available capacity on its credit facilities into new investments. We are reducing our target by 25c to $16.75 given the 0.8% decline in NAV during 1Q. Given our expectation of NII growth, we are maintaining our Buy rating.” WhiteHorse Finance closed on Tuesday at $15.78.