UPDATE: Sterne Agee Downgrades Triangle Capital to Neutral on Valuation

Sterne Agee reduced its rating on Triangle Capital

from Buy to Neutral and set a price target of $25 a share. Sterne Agee said, "Our price targets for the RIC/BDCs and other credit-sensitive income stocks we follow are generally based on an 8.0% targeted yield, based on declared dividends: [Quarterly dividend $0.50 x 4] /8.0%=$25. TCAP has crossed that mark. Its dividend yield of 7.8% is attractive, but we believe the shares warrant more of a Neutral rating." Triangle Capital closed at $25.54 on Monday.