PennantPark downgraded to Underperform from Market Perform at Keefe Bruyette

Keefe Bruyette downgraded PennantPark (PNNT) to Underperform from Market Perform with a price target of $6.25, down from $6.50, citing valuation. While a dividend cut may not occur for at least another year, the firm sees forward operating earnings that support “a dividend much lower than its current level” and sees risk to the distribution longer term, the analyst tells investors.