Sound Point Meridian Capital initiated with a Buy at Alliance Global Partners

Alliance Global Partners initiated coverage of Sound Point Meridian Capital (SPMC) with a Buy rating and $20 price target The firm sees the externally managed, non-diversified, closed-end management investment company having an opportunity to grow through investments in CLO equity with a portfolio yield of 14.2% as of April, the analyst tells investors. The firm also cites the company’s access to capital and “an attractive current common dividend yield.”