Wells Fargo Downgrades Goldman Sachs BDC, Inc. (GSBD) to Underweight

Wells Fargo analyst Finian O'Shea downgraded Goldman Sachs BDC, Inc. (NYSE: GSBD) from Equal Weight to Underweight with a price target of $14.00 (from $15.00).

The analyst comments "Our Price target of $14 (from $15) reflects a 14% yield on forward NOI, where we previously valued GSBD based on a 1x NAV valuation. As spillover is likely to be paid out from here, NAV loss through credit will become more apparent, in our view. Note that 2023's NAV growth (first since IPO on an annual basis) was primarily a function of over-earning the dividend (now limited by spillover), and issuing stock above NAV."

For an analyst ratings summary and ratings history on Goldman Sachs BDC, Inc. click here. For more ratings news on Goldman Sachs BDC, Inc. click here.

Shares of Goldman Sachs BDC, Inc. closed at $15.18 yesterday.

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