TriplePoint Venture Growth (TPVG) PT Lowered to $7.50 at Piper Sandler

Piper Sandler analyst Crispin Love lowered the price target on TriplePoint Venture Growth (NYSE: TPVG) to $7.50 (from $8.00) while maintaining a Neutral rating.

The analyst commented, "TPVG reported a slight beat relative to PSC and matched the Street in 3Q24. The portfolio increased sequentially for the first time since 1Q23 despite prepays exceeding new originations, but were more than offset by unrealized gains. As we look forward, we expect growth to remain below historical levels, but we do point out that TPVG has improved its liquidity and leverage position in recent quarters. Following several difficult credit quarters, credit improved with non-accruals decreasing meaningfully in 3Q24. We are maintaining our 2024 estimate of $1.42, but decreasing 2025 to $1.28 from $1.49 due to lower base rates. We are decreasing our PT to $7.50 from $8, which is based on ~85% (unch.) our updated 3Q25 NAV estimate."

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