Nuveen Churchill price target lowered to $16.25 from $18 at UBS

UBS analyst Doug Harter lowered the firm’s price target on Nuveen Churchill (NCDL) to $16.25 from $18 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the business development companies. The focus for investors during earnings will be on the outlook for credit quality given the increased economic uncertainty, the analyst tells investors in a research note. The firm says that while the pullback in the sector has made valuations more attractive, the overhang from credit quality concerns and earnings drag from lower short-term rates will persist. UBS cut price targets to reflect a lower return on equity outlook from slower loan growth and lower target multiples given increased economic uncertainty.