Gladstone Capital (GLAD) PT Lowered to $23 at Jefferies

Jefferies analyst Kyle Joseph lowered the price target on Gladstone Capital (NASDAQ: GLAD) to $23.00 (from $31.00) while maintaining a Buy rating.

The analyst comments "Thoughts on the stock: GLAD remains one of the best-performing BDCs of all time from an historical ROE perspective (16.7% over the last five years). Shares trade at just 0.88x NAV, which is well below the stock's 10-year average of 1.1x. We believe shares are likely to recover quickly given stable credit performance and continued NAVPS growth, a positive outlier in today's environment. Shares are trading at a base dividend yield of 9.6% versus a 10-year average of 9.4%; however, supplemental dividends have been a recurring part of GLAD's total return (driven by equity investment realizations), and are likely to remain so."

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