Oppenheimer lowered the firm’s price target on WhiteHorse Finance (WHF) to $1 from $11 on NAV decline, while keeping a Perform rating on the shares. The firm estimates that WhiteHorse Finance can earn a 9% ROE and, given an estimated cost of equity capital of 10%, it calculates a fair value of $11.00/share, or 0.9-turns book value.
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