Wells Fargo analyst Finian P. O’Shea lowered the firm’s price target on Nuveen Churchill (NCDL) to $14 from $15 and keeps an Equal Weight rating on the shares. Forward NOI is likely to cliff with a full management fee and the end of the incentive fee waiver, the firm says. Dividend coverage may become a challenge in 2026 based on the forward curve, adds Wells.
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