Morgan Stanley Direct Lending price target lowered to $20 from $22 at JPMorgan

JPMorgan lowered the firm’s price target on Morgan Stanley Direct Lending to $20 from $22 and keeps a Neutral rating on the shares. The analyst expects Q2 net interest income levels for the business development companies to be stable sequentially, saying base rates were little changed during the quarter while investment activity levels appear to have increased from the March quarter. It anticipates modest net asset value appreciation.