B. Riley analyst Sean-Paul Adams upgraded Ares Capital (ARCC) to Buy from Neutral with a price target of $23.50, up from $22.50, post the Q2 report. The firm says that while the business development company sector faces earnings pressure, Ares Capital’s track record of deploying capital and generating above-average recovery rates versus peers in periods of economic volatility should drive share outperformance. It sees an attractive risk/reward at current share levels.
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