Sound Point Meridian Capital initiated with an Outperform at Oppenheimer

Oppenheimer analyst Mitchel Penn initiated coverage of Sound Point Meridian Capital with an Outperform rating and $21 price target. Sound Point is an externally managed, closed-end investment management company that invests in collateralized loan obligations equity and, to a lesser extent, CLO mezzanine tranches, the analyst tells investors in a research note. The firm assumes the fund pays out what it earns until a formal dividend policy is enacted.