UPDATE: Keefe, Bruyette & Woods Upgrades Apollo Investment Corp. to Outperform, Raises PT on Attractive Relative Valuation

In a report published Tuesday, Keefe, Bruyette & Woods analyst Greg Mason upgraded the rating on

from Market Perform to Outperform, and raised the price target from $9.00 to $9.50. In the report, Keefe, Bruyette & Woods noted, “We are upgrading the shares of AINV to Outperform, as we believe the shares offer an attractive relative valuation to the group. We believe AINV will have stable earnings even if the BDC group remains under pressure and significant earnings coverage of the dividend, which provides good stability for the 9.4% dividend yield. We are raising our target price to $9.50 from $9.00 resulting in a 20% total return. AINV goes ex-dividend on June 18, with investors receiving a $0.20 quarterly dividend.” Apollo Investment Corp. closed on Monday at $8.46.