(Updated - May 29, 2024 6:35 AM EDT)
Wells Fargo analysts downgraded TriplePoint Venture Growth (NYSE:TPVG) from Equal Weight to Underweight with a price target of $8.50 (from $9.50).
The analysts comment "Our price target of $8.50 (from $9.50) reflects a 12.5% yield on our '25 NOI estimates, where we previously valued the BDC based on a 16% yield on NTM estimates (supported by the lookback, low interest expense). In our view, the BDC's share price is being supported by a dividend yield that is likely to decline when the dividend is realigned with its earnings power (we model $1.08 of '25 NOI vs. a current base dividend of $1.60)."