Jefferies Cuts Price Target on Apollo Investment Corp. (AINV) to $7; Reiterates Buy

Jefferies maintained a Buy rating on Apollo Investment Corp. (NASDAQ: AINV), and cut the price target to $7.00 (from $7.50), following the company's 4Q earnings report. AINV reported NOI per share of $0.20, in-line with Jefferies' forecast but down $0.01 sequentially. Total investment income of $85.3M was also below forecasts as a result of portfolio contraction and yield compression as a result of the increase in non-accruals.

Analyst Kyle Joseph commented, "AINV reported F4Q16 NOI of $0.20, in-line with our forecast. Interest income was below our forecast as a result of an uptick in non-accruals, offset by a lower-than-forecast interest expense. While the operating environment is challenging, we believe AINV has various levers to pull to be able to maintain its current dividend and consider the 25%+ discount to NAV attractive. We maintain our Buy rating and modestly reduce our PT as a result of the NAV decline."

For an analyst ratings summary and ratings history on Apollo Investment click here. For more ratings news on Apollo Investment click here.

Shares of Apollo Investment closed at $5.35 yesterday.

You May Also Be Interested In

• LuxUrban Hotels Inc. (LUXH) PT Lowered to $4 at Jones Trading
• KLA Corporation (KLAC) PT Raised to $760 at Stifel
• Buenaventura Mining (BVN) PT Raised to $16 at Citi