UPDATE: Wunderlich Securities Reiterates Hold Rating, Lowers PT on TCP Capital Corp. on Slower Capital Deployment

In a report published Wednesday, Wunderlich Securities analyst Merrill Ross reiterated a Hold rating on

, but lowered the price target from $17.50 to $16.00. In the report, Wunderlich Securities noted, "Hold-rated TCP Capital (TCPC) reported full-year results that were in line with our expectations in terms of core net investment income per share, but realized and unrealized losses took a bite out of NAV, which ended the year at $15.01. While there were no loans on nonaccrual at 12/31/14, we expect that one loan will go on nonaccrual in 1Q15 and it could be restructured in 2015. We believe the fact that dividends are fully funded by NII before gains and losses could continue to support the shares at a premium valuation for the next 12 months, but the potential for NII to be negatively impacted by the refinancing of very low-cost debt in 2016 and the potential for previously unrealized losses to be realized in 2015 cause us to lower our target from $17.50 to $16.00." TCP Capital Corp. closed on Tuesday at $16.14.