PennantPark upgraded to Neutral yesterday at Compass Point on valuation

As previously reported, Compass Point analyst Casey Alexander upgraded PennantPark to Neutral from Sell with an unchanged price target of $6. The depreciation of the shares since the firm had previously placed a Sell rating on the stock has increased the return to a marginally positive return and for that reason it is raising its rating to Neutral. However, “until we see private equity exits accelerate, it’s hard to suggest that a new period of equity monetization is in front of” PennantPark, the analyst tells investors.