TCP Capital (TCPC) PT Lowered to $10.50 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Paul Johnson lowered the price target on TCP Capital (NASDAQ: TCPC) to $10.50 (from $11.50) while maintaining a Market Perform rating.

The analyst commented, "TCPC disclosed an estimated NAV of $10.95 as of March 15, upon the closing of the merger with BKCC. This was an -8% (-$0.95) decline from the end of 4Q23. The markdowns were concentrated in assets that were challenged. We are reducing our estimates and target price to $10.50 due to the estimated decline in NAV and recent credit challenges."

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