Ares Capital price target lowered to $23 from $24 at RBC Capital

RBC Capital lowered the firm’s price target on Ares Capital (ARCC) to $23 from $24 but keeps an Outperform rating on the shares after its Q3 results. The company’s still solid credit performance in Q3, coupled with the management’s confidence in maintaining common dividends at current levels for the “foreseeable” future despite a down rate outlook, go a long way to address the two main concerns across the BDC space, the analyst tells investors in a research note.