Ares Capital price target lowered to $20 from $23 at JMP Securities

JMP Securities lowered the firm’s price target on Ares Capital to $20 from $23 and keeps an Outperform rating on the shares. Ares reported a slight earnings miss for Q1, driven by light transaction activity and deleveraging in the quarter, the analyst tells investors in a research note. Positives in the quarter include a meaningful $1B sequential increase in liquidity, strong credit quality, and the firm says the value proposition of scaled direct lending platforms has become more apparent with recent disruption in the banking system.