UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Solar Capital

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating on Solar Capital

, and slightly raised its price target from $22.00 to $23.00. J.P. Morgan noted, “We maintain our Neutral rating on Solar Capital and establish a $23 December 2013 price target (replaces prior December 2012 price target of $22). Our target price equates to a projected dividend yield of 10.5% and 1.0x NAV. This compares with the current yield of 10.50% and a 1.02x NAV. We use a forward NAV multiple to value the company. We apply a 1.0x NAV multiple, based upon where PNNT has historically traded (average of 1.0x from 2010 to present).” Solar Capital closed on Friday at $22.90.