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Oppenheimer Initiates Coverage On Fidus Investment Corp

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Oppenheimer & Co. is initiating coverage on Fidus Investment Corp (NASDAQ: FDUS) with an Outperform rating and a $15 price target.

In a note to clients, Oppenheimer & Co. writes, "We are initiating coverage on Fidus, a business development corporation (BDC) with a focus on middle-market mezzanine debt, with an Outperform rating as we expect a roughly 30% total return in the year ahead. That is based on an ~10.5% current yield plus an appreciation to the average valuation range of the BDC universe. After completing its IPO on June 20, Fidus posted its first quarterly earnings report as a public company last week with $0.36/share in net investment income and a $0.32 dividend. Since Fidus is flush with more than $70M of IPO cash that should be deployed over the next year or so, that NII and dividend should grow significantly."

Shares of FDUS closed at $13.01 yesterday.

Posted-In: Oppenheimer & Co.Analyst Color Price Target Initiation Analyst Ratings

 

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