Janney Montgomery Scott analyst John Rowan initiated coverage of Saratoga Investment with a Buy rating and $27 price target. The externally managed BDC provides custom capital to domestic middle market companies for buyouts, financings, recapitalizations, and debt re-financings, notes the firm, which adds that Saratoga has cumulatively outearned its regular dividends through net investment income. The company’s balance sheet is asset-sensitive, which the firm views favorably due to the rising rate environment, Janney added.
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