UPDATE: Wunderlich Securities Downgrades Hercules Technology Growth Capital to Hold, Raises PT on Approaching Fair Value

In a report published Thursday, Wunderlich Securities analyst Merrill Ross downgraded the rating on Hercules Technology Growth Capital HTGC from Buy to Hold, but raised the price target from $16.50 to $18.00. In the report, Wunderlich Securities noted, “Hercules Technology Growth Capital (HTGC) reported 3Q13 NII of $0.35 per share exceeding our $0.29 estimate. NAV increased to $10.42, a $0.33 per share increase compared to 2Q13. The company is harvesting gains from successful investment exits, but management is cautious in terms of capital deployment into what it perceives to be a frothy market. Because we think that multiple expansion is unlikely until the pace of capital deployment picks up, we are lowering our rating from Buy to Hold even as we are raising our price target to 1.6x estimated 4Q14 NAV of $11.24/sh.” Hercules Technology Growth Capital closed on Wednesday at $17.02.