BofA initiated coverage of Runway Growth Finance with a Neutral rating and $12 price target. While BofA believes Runway Growth is well-positioned to capitalize on the supply/demand imbalance for venture debt as traditional lenders cede share to specialist lenders like Runway, the risk of below-peer profitability, portfolio concentration risk, and the Oaktree technical overhang is balanced by a high current yield and valuation that reflects near-term risks, the analyst tells investors in a research note.
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