Compass downgrades Horizon Technology to Sell on NAV ‘drain’

Compass Point downgraded Horizon Technology (HRZN) to Sell from Neutral with a price target of $6.50, down from $7.75, following the Q1 report. The company’s “long-term drain” on net asset value continues and has declined for the last 11 quarters in a row, the analyst tells investors in a research note. The firm says that given the historical performance of distressed credits at Horizon, there is still “material downside risk” to NAV in future quarters.