TriplePoint Venture price target lowered to $10 from $11 at Piper Sandler

Piper Sandler lowered the firm’s price target on TriplePoint Venture to $10 from $11 and keeps a Neutral rating on the shares. The firm notes that TriplePoint posted a slight beat relative to PSC, but the main focus was on credit trends including realized losses in the quarter. The company generated an 18% core ROE as it continues to benefit from its asset sensitive portfolio, but the portfolio shrank. Negative credit trends remain an overhang on the story and Piper doesn’t expect to see a material improvement over the near-term as the environment remains challenged.