Wells Fargo Upgrades Golub Capital BDC (GBDC) to Outperform; Fundamentals Strong

Wells Fargo upgraded Golub Capital BDC (NASDAQ: GBDC) from Market Perform to Outperform, price target range $14.50-$15.25 from $14-14.50.

Wells analyst said, "We believe the current price does not fully reflect company fundamentals. This upgrade is based on three key points: (1) a compelling quality trade--GBDC sits in the highest-ranked quartile in our BDC Scorecard and we believe Quartile 1 names may provide improved risk-adjusted returns in the event of a market pullback, (2) compelling valuation--GBDC trades well below intrinsic value as measured by our proprietary valuation system, which implies 11% total upside to current levels, and (3) franchise value--GBDC remains a market leader in terms of low cost management fees as well as a best in class operating platform (which we expect will lead to a premium valuation over time). For more information on our upgrade/industry thesis, please see our recently published BDC Scorecard."

For an analyst ratings summary and ratings history on Golub Capital BDC click here. For more ratings news on Golub Capital BDC click here.

Shares of Golub Capital BDC closed at $14.81 yesterday.

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