Runway Growth Finance price target lowered to $12.50 from $13.50 at B. Riley

B. Riley lowered the firm’s price target on Runway Growth Finance to $12.50 from $13.50 and keeps a Neutral rating on the shares following the Q1 earnings and offering of secondary shares by the company’s largest shareholder, OCM Growth Holding. The firm appreciates Runway’s fundamental profile of lower balance sheet leverage, healthy dividend coverage, and ample liquidity, but remains on the sidelines given what it perceives to be a challenging macro backdrop and prospects for a more limited price upside until the sizable OCM position is reduced.