As previously reported last night, Compass Point analyst Casey Alexander upgraded MidCap Financial (MFIC) to Buy from Neutral with an unchanged price target of $16. MidCap has closed a three-way merger with Apollo Senior Floating Rate Fund (AFT) and Apollo Tactical Income Fund (AIF) which should eventually result in an improved cushion between NII and the current dividend, and the technical selling from closed-end fund shareholders has negatively impacted the price and consequently improved the risk-reward, creating an “advantageous” entry point, the analyst tells investors.
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Read More on MFIC:
- MidCap Financial Expands Portfolio and Declares Special Distribution
- MidCap Financial Investment Corporation Completes Mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.
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- MidCap Financial Set to Complete Strategic Fund Mergers
- MidCap, Apollo Senior Floating, Tactical Income announce merger closing date