Kayne Anderson BDC initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Kayne Anderson BDC with an Overweight rating and $17 price target. Owing to Kayne Anderson BDC’s higher-quality asset profile, and alignment, the firm believes the stock will trade to an NOI yield in the mid-point of Wells’ Scorecard-derived yields on forward NOI, resulting in a price target of $17.