PennantPark price target lowered to $7 from $8 at Truist

Truist analyst Arren Cyganovich lowered the firm’s price target on PennantPark (PNNT) to $7 from $8 and keeps a Buy rating on the shares. With more than a fifth of the company’s investment portfolio in equity, the eventual rotation out of non- or low-yielding equity into higher yielding debt should provide a tailwind to its earnings, the analyst tells investors in a research note. The firm adds it is lowering its 2026 core net interest income per share estimates to $0.65 from $0.75 due to a slower rotation out of equity investments than expected.