Oppenheimer analyst Mitchel Penn downgraded Chicago Atlantic (REFI) to Perform from Outperform with an unchanged price target of $14 following the Q4 report. The company’s non-accruals doubled quarter-over-quarter to 12%, the analyst tells investors in a research note. Given an estimated cost of equity capital of 10.5%, Oppenheimer calculates a fair value of $13.64 per share for Chicago Atlantic.
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