Palmer Square price target lowered to $14 from $16.50 at BofA

BofA analyst Derek Hewett lowered the firm’s price target on Palmer Square (PSBD) to $14 from $16.50 and keeps a Neutral rating on the shares. Palmer Square reported “an okay quarter,” although its liquid credit strategy negatively impacted results, the analyst tells investors. The firm thinks that Palmer Square’s unique strategy of investing across the liquid and private markets can generate attractive risk-adjusted returns, but views the current risk/reward as balanced, the analyst added.