Keefe upgrades Horizon Technology with shares close to fair value

Keefe Bruyette upgraded Horizon Technology (HRZN) to Market Perform from Underperform with a price target of $5, down from $6. The company did not report a good quarter and cut its dividend by 45% to 18c, the analyst tells investors in a research note. However, Keefe believes Horizon shares are now closer to fair value. It also believes the upcoming closure of the merger with Monroe Capital (MRCC) “provides an opportunity to reset the portfolio strategy and mix.”