Keefe Bruyette downgraded Crescent Capital BDC (CCAP) to Market Perform from Outperform with a price target of $17, down from $18.50. The company’s earnings missed this quarter and it will be difficult for the shares to trade significantly higher if its credit quality is not holding up, the analyst tells investors in a research note. The firm cites some recent credit issues and an operating return on equity that is now at the lower end of the sector for the downgrade.
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