TriplePoint Venture price target lowered to $11 from $12 at Piper Sandler

Piper Sandler analyst Crispin Love lowered the firm’s price target on TriplePoint Venture to $11 from $12 and keeps a Neutral rating on the shares ahead of Q3 results. TriplePoint has had a difficult couple of months after disclosing credit weakness during its second quarter results. The firm believes this has been the main reason why shares have been under pressure as non-accruals are now over 10% of the portfolio. Much like Hercules, TriplePoint should benefit from similar factors including a potential to grow its portfolio over the long-term given the competitive environment, but Piper expects this growth to be delayed given the company’s current leverage position.