Oppenheimer Starts Solar Senior Capital (SUNS) at Outperform
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Oppenheimer initiates coverage on Solar Senior Capital (NASDAQ: SUNS) with a Outperform rating and a price target of $17.00.
Analyst Chris Kotowski commented, "We initiate coverage of Solar Senior Capital with an Outperform rating and $17 PT. It has been our consistent view since launching coverage on the BDC sector in 2011 that, while BDCs invest mainly in leverage loans—which sounds risky—they actually offer a very good risk/reward compared to most other yield vehicles, particularly high yield bonds, and also MLPs and REITs. As a group, over the past three years BDCs have generated a NAV return of 18% vs. 9% for the HYG. SUNS has generated a return in line with the BDCs, but has done so with a much higher than average quality assasset base in our opinion. SUNS focuses on senior, secured floating rate loans, or in other words, "dollar one" and the top of the capital structure."
Shares of Solar Senior Capital closed at $16.29 yesterday.
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