PennantPark Floating Rate upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette upgraded PennantPark Floating Rate (PFLT) to Outperform from Market Perform with a $10.50 price target Business development companies have dropped about 10.6% since early September, underperforming both financials and the S&P 500 as sentiment has soured, the analyst tells investors in a research note. The current environment may offer selective opportunities for investors seeking BDCs with stronger earnings potential or limited downside risk, the firm adds.