Nuveen Churchill initiated with a Buy at Truist

Truist initiated coverage of Nuveen Churchill with a Buy rating and $19 price target. The company is well positioned to source attractive loans based on its relationship with Churchill Asset Management, an affiliate of Nuveen and its parent, TIAA, the analyst tells investors in a research note. Truist further notes that Nuveen’s base and incentive fees combine to be best in class and will be even lower through the end of this year as all incentive fees are to be waived and the base fee reduced by 25 bps to 0.75% of assets. The firm also notes that the stock is trading at a “compelling discount” to its net asset value.