As previously reported, Oppenheimer downgraded Barings BDC to Perform from Outperform with a price target of $9, down from $10. The firm updated its rating and target to reflect Barings’ Q4 return on equity of -0.4% and FY22 return on equity of 1.0%, which is much lower than Barings’ average return on equity of 6.5% since 2019. Oppenheimer also noted that Barings does not publish its internal ratings for its portfolio, making it very difficult for investors to understand the underlying risk in its portfolio, adding that if the economy continues to slow, it "would hope management provides more disclosure around its portfolio."
Published first on TheFly
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