Carlyle Secured Lending initiated with a Market Perform at Raymond James

Raymond James analyst Robert Dodd initiated coverage of Carlyle Secured Lending (CGBD) with a Market Perform rating and no price target The firm is positive on the company’s credit and does not expect a dividend cut, saying project spillover will cover the earnings shortfall as rates begin trending down. However, it views Carlyle Secured shares are fairly valued given the “element of uncertainty” regarding the merger with CSL III.