Pearl Diver Credit price target lowered to $17.50 from $19 at Alliance Global

Alliance Global analyst Gaurav Mehta lowered the firm’s price target on Pearl Diver Credit (PDCC) to $17.50 from $19 and keeps a Buy rating on the shares after the company reported Q3 net interest income of 44c per share, below the firm’s estimate of 52c per share. Management comments on the earnings call suggest relatively better value in the secondary market as compared to the primary markets and they expect that reset and refinancing activity could continue and provide some offset for yield compression, the analyst tells investors.