Hercules Capital price target lowered to $22 from $24 at Citizens

Citizens analyst Devin Ryan lowered the firm’s price target on Hercules Capital (HTGC) to $22 from $24 and keeps an Outperform rating on the shares. Q1 marks a pivotal quarter for Private Capital, with attention shifting back to strong underlying fundamentals despite recent volatility and concerns around non-traded BDC flows, the analyst tells investors in a research note. With valuation multiples at multi-cycle lows and fundamentals holding up, particularly in institutional fundraising, deployment, and monetization, the gap between perception and reality is expected to narrow, potentially driving a recovery in valuations, the firm says.