UPDATE: Ascendiant Capital Markets Reiterates Buy Rating, Lowers PT on Harris & Harris Group

In a report published Wednesday, Ascendiant Capital Markets reiterated its Buy rating on Harris & Harris Group

, but slightly lowered its price target from $4.50 to $4.00. Ascendiant Capital noted, “Maintaining our BUY rating, but lowering our 12-month price target to $4.00 from $4.50. Our new target is based on a ~20% discount to our calculated 2013 (year-end) NAV per share estimate of $4.86. This reflects a discount based on our estimate of the current investments' market value below the company's calculated Fair Value, which we believe is conservative and appropriately balances out the risks with the growth prospects of its current and future investments.” Harris & Harris Group closed on Tuesday at $3.22.