In a report published Friday, Deutsche Bank analyst Stephen Laws initiated coverage on Prospect Capital Corporation PSEC with a Buy rating and $12.25 price target.
In the report, Deutsche Bank noted, “We expect the portfolio to continue generating attractive ROEs with strong credit results. We believe PSEC's portfolio is well-positioned given the diversification across industries and should benefit from increasing short-term rates, as the investment portfolio is largely floating-rate and is funded with largely fixed-rate financing. We expect the company to finance future portfolio growth through its ATM program and InterNotes offerings. We are establishing a price target of $12.25 per share, which is based on shares trading at a 15% premium to NAV.”
Prospect Capital Corporation closed on Thursday at $11.22.
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