Compass Point downgrades Horizon Technology to Sell on NAV ‘drain’

Compass Point analyst Casey Alexander downgraded Horizon Technology to Sell from Neutral with a price target of $11, down from $11.75. The company has experienced a “long-term drain” on net asset value, with NAV declining for the last four quarters in a row, the analyst tells investors in a research note. The firm says Horizon’s Q2 net interest income results “left a lot to be desired.” It believes the stock’s valuation has been disconnected from Horizon’s performance.