Eagle Point Credit price target lowered to $7 from $7.75 at Alliance Global

Alliance Global lowered the firm’s price target on Eagle Point Credit (ECC) to $7 from $7.75 and keeps a Buy rating on the shares. The company reported Q3 results, with NII per share that was slightly higher than the firm’s estimate and the consensus estimate, the analyst tells investors in a research note. The firm added yields and spreads were lower sequentially, driven by loan repricing, and offset for loan repricing includes refinancing and resets.