Runway Growth Finance initiated with a Neutral at Janney Montgomery Scott

Janney Montgomery Scott analyst John Rowan initiated coverage of Runway Growth Finance with a Neutral rating and $12 fair value estimate. The externally managed BDC provides capital to late-stage technology, life sciences, and consumer services and products companies, notes the firm, which adds that the company maintains a solid "credit first" culture. Runway has a capital structure orientation that allows it to be asset-sensitive and the rising rate environment will be a tailwind to earnings, the analyst tells investors. However, the firm is Neutral due to the segment within venture capital that the firm targets, as well as liquidity and asset-sensitivity.