UPDATE: Raymond James Downgrades Fidus Investment on Attractive Risk/Reward

In a report published Monday, Raymond James analyst Robert Dodd downgraded the rating on

from Strong Buy to Outperform, but reiterated the $22.00 price target. In the report, Raymond James noted, “We continue to believe Fidus' attractive capital position and second SBA license will drive higher-than-average earnings and dividend growth in the out years. Given our projections for growth (in earnings and dividend) and the current valuation (a slight premium to the BDC group), we believe the risk/reward remains attractive. We are maintaining our target price of $22.00 and lowering our rating to Outperform from Strong Buy.” Fidus Investment Corp. closed on Friday at $20.79.