Citizens analyst Brian McKenna lowered the price target on Ares Capital (NASDAQ: ARCC) to $22.00 (from $23.00) while maintaining a Market Outperform rating.

The analyst commented, "1Q26 volatility driving estimate revisions lower for most Alts and BDCs under our coverage. We reduce our 1Q26 estimates on 11 companies (APO, ARES, BX, CG, KKR, TPG, ARCC, OTF, TSLX, MSIF, MAIN), increase estimates for two companies (OBDC, NCDL), and make no change for nine companies (OWL, OCSL, PFLT, CGBD, PNNT, TPVG, HTGC, CSWC, TRIN). Our median 1Q26 estimate change totals -7% for the Alts and -0.4% for the BDCs, and our median EPS reduction for both 2026/2027 totals 3% for the Alts, while our 2026/2027 estimates are generally unchanged for the BDCs."