Keefe Bruyette downgraded BlackRock TCP Capital (TCPC) to Underperform from Market Perform with a price target of $3.50, down from $7. The company reported a “very poor quarter,” the analyst tells investors in a research note. The firm says BlackRock TCP significantly wrote down several investments which reduced net asset value by 19%. Keefe expects these issues to continue to weigh on the company’s book value.
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