Wells Fargo downgrades Runway Growth Finance to Equal Weight

As previously reported, Wells Fargo analyst Finian O’Shea downgraded Runway Growth Finance (RWAY) to Equal Weight from Overweight with a price target of $9.50, down from $10, on Marley Spoon and other near-term discounted maturities. The firm notes that BDC valuations have relaxed somewhat with moderate fundamental headwinds more apparently set to persist through the year. Still burgeoning credit markets are met with a yet further drawn out M&A pipeline, while credit faces a tough vintage roll.