Gladstone Capital downgraded to Hold from Buy at Jefferies

Jefferies downgraded Gladstone Capital (GLAD) to Hold from Buy with a price target of $21, down from $23 post the fiscal Q1 report. The firm sees a lack of positive catalysts and multiple industry headwinds for Gladstone. These include expectations for lower interest rates hurting revenue, subdued direct lending volumes, and rising default rates, the analyst tells investors in a research note.