Cion Investment initiated with a Perform at Oppenheimer

Oppenheimer analyst Mitchel Penn initiated coverage of Cion Investment with a Perform rating and $13 price target Cion is an externally managed business development company whose investment objective is to maximize total return to shareholders by generating current income and, to a lesser extent, capital appreciation by focusing primarily on senior secured loans to U.S. middle-market companies, the analyst tells investors in a research note. The firm calculates a fair value of $12.73 per share, or 0.79-times of book value. Given the stock is trading around $12. Opco starts with a neutral rating.