JPMorgan downgraded Runway Growth Finance to Neutral from Overweight with a price target of $12.50, down from $13.50, following the Q4 report. The company’s net asset value dropped 4.1% sequentially, driven by driven primarily by a write down of its Pivot3 debt investment, the analyst tells investors in a research note. The firm continues to believe Runway Growth is a solid option for investors looking for late-stage venture debt exposure. However, the recent NAV reduction will limit the company’s opportunity to further narrow the discount to NAV. says JPMorgan. It says the company offers 9% potential annualized total return, which is towards the low-mid range across the firm’s coverage universe.
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