Citizens JMP Reiterates Market Perform Rating on Advanced Flower Capital (AFCG)

Citizens JMP analyst Aaron Hecht reiterated a Market Perform rating and {REMOVEPT} price target on Advanced Flower Capital (NASDAQ: AFCG).

The analyst commented, "We maintain our Market Perform rating on shares of Advanced Flower Capital (AFCG) after the company reported 4Q24 results. AFCG reported distributable earnings of $0.29, below consensus and Citizens estimates of $0.35 and $0.37 per share, respectively. The miss reflected lower interest income, which we believe is related to loans currently in default. Non-performing loans now stand at three, totaling $144mm of principal, or 36.3% of AFCG’s investment balance. We believe the company will likely recover a portion of those funds though legal proceedings, but we have extremely limited transparency on the amount or timing. Unless or until principal is recovered, the company’s forward earnings power and dividend will be negatively impacted. Considering this news is priced into the stock already, we continue to see AFCG as fairly valued."

For an analyst ratings summary and ratings history on Advanced Flower Capital click here. For more ratings news on Advanced Flower Capital click here.

Shares of Advanced Flower Capital closed at $6.62 yesterday.

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