Goldman Sachs BDC downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo analyst Finian O’Shea downgraded Goldman Sachs BDC to Underweight from Equal Weight with a price target of $14, down from $15. The company is likely to face an earnings decline from recent credit loss experience, the analyst tells investors in a research note. There is likely to be net operating income pressure on the higher quality end in the business development company space, leading Wells to avoid those who were most supported by the base-rate driven “peak earnings” backdrop, the analyst tells investors in a research note.