Blue Owl Capital downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Robert Dodd downgraded Blue Owl Capital (OBDC) to Market Perform from Outperform without a price target. The proposed merger with Blue Owl Capital Corporation III (OBDE) is a long-term positive, but in the near term it brings potential direct technical pressure to Blue Owl Capital through merger arbitrage channels, the analyst tells investors in a research note. The firm believes the technical issues over the next six months may outweigh Blue Owl’s fundamental positives, and hence, believes a Market Perform rating is appropriate.