Oxford Lane price target lowered to $16 from $18 at Lucid Capital

Lucid Capital lowered the firm’s price target on Oxford Lane (OXLC) to $16 from $18 and keeps a Buy rating on the shares following the fiscal Q3 report. The firm cites a pullback in industry valuations for the target drop. The post-earnings selloff reflects the “unexpected” 50% reduction in Oxford’s quarterly distribution rate, the analyst tells investors in a research note. Lucid believes the reduction is “prudent as it serves to align the distribution with current market conditions characterized by tight CLO spreads and growing secondary market investment opportunities.”