B. Riley analyst Bryce Rowe downgraded Runway Growth Finance to Neutral from Buy with a price target of $13.50, down from $14.50, following the Q4 report. With Runway Growth now trading at net asset value given the 7% year-to-date price appreciation and 4% NAV per share compression in Q4, there is limited upside, the analyst tells investors in a research note. The firm characterizes the downgrade as more valuation driven. It continues to like Runway’s fundamental profile given lower balance sheet leverage, “healthy” dividend coverage, and ample liquidity, but believes the current valuation presents a balanced risk/reward.
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