UBS Maintains a 'Neutral' on Horizon Technology Finance (HRZN); Attractive Dividend and Valuation, but Lacks NT Catalyst

UBS maintains a 'Neutral' on Horizon Technology Finance (NASDAQ: HRZN) price target cut slightly to $15.00.

UBS analyst says, "Core EPS of $0.39 missed consensus $0.40 estimate but beat our $0.34 est: Results were better than we expected but still missed consensus due to increased expenses related to one time capitalization of SBIC application fees and higher SOX compliance expenses. Higher fee income drove upside to our estimates. Book value was roughly flat at $17.36. New investments are slowing as HRZN deploys IPO capital, but 4Q EPS should benefit from Concentric fees and warrant gains and core EPS should settle at ~$0.40 of spread income plus fees."

UBS raises FY11 EPS estimate from $1.36 to $1.45, but lowers FY12 from $1.68 to $1.63.

For an analyst ratings summary and ratings history on Horizon Technology Finance click here. For more ratings news on Horizon Technology Finance click here.

Shares of Horizon Technology Finance closed at $15.30 yesterday.

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