Wells Fargo analyst Finian O’Shea upgraded Barings BDC (BBDC) to Overweight from Equal Weight with a price target of $9.50, up from $8.50. The firm cites the company’s credit stabilization and “shareholder-friendly” realization of its MVC Capital credit support agreement for the upgrade. These are not fully reflected in the shares at current levels, the analyst tells investors in a research note. Wells says Barings BDC’s peers trading at similar valuations are experiencing larger near-term credit loss or insufficient deal flow to maintain leverage, neither of which apply to BDC.
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