Eagle Point Income initiated with a Buy at B. Riley

B. Riley analyst Matt Howlett initiated coverage of Eagle Point Income with a Buy rating and $17.50 price target, representing a potential 30% total return when including forecasted dividends. Eagle Point is an externally managed closed-end asset manager that invests in floating-rate debt and, to a lesser extent, equity tranches of collateralized loan obligations, the analyst tells investors in a research note. The firm believes the company’s more up-in-credit focus and superior operating efficiencies should warrant a dividend yield 200-300 basis points tighter than current levels.