Keefe Bruyette upgraded Hercules Capital (HTGC) to Outperform from Market Perform with a price target of $21.50, up from $19.50. The firm expects business development company earnings to be slightly more challenged in 2025, but says the outlook is “still quite positive” for the sector. Keefe expects credit risk to decline heading into next year and says lower credit losses can generate net returns that are still attractive. It is recommending Hercules Capital as one of its top picks for 2025.
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