Barings BDC initiated with a Neutral at Lucid Capital

Lucid Capital initiated coverage of Barings BDC (BBDC) with a Neutral rating and $9.25 price target The company has a competitive advantage by providing access to broad sponsor deal flow alongside “differentiated non-sponsor transactions and distinct platform investments,” the analyst tells investors in a research note. Lucid, however, sees limited near-term multiple expansion in its base case absent a broader industry rerating.