UPDATE: Deutsche Bank Downgrades THL Credit to Hold, Reiterates $15 PT

In a report published Friday, Deutsche Bank downgraded its rating on THL Credit TCRD from Buy to Hold, and reiterated its $15.00 price target. Deutsche Bank noted, “While the 5c special dividend is a positive announcement, we are downgrading shares of TCRD to Hold from Buy given the current valuation. Our target of $15 per share is based on shares trading at a 15% premium to NAV, and shares closed today within 1% of our target. While we continue to believe the portfolio will generate attractive returns in 2013, we believe a Hold rating is appropriate given we expect the majority of returns from current levels to come through dividends.” THL Credit closed on Thursday at $14.86.