JPMorgan analyst Richard Shane lowered the firm's price target on Ares Capital to $18.50 from $19 and keeps an Overweight rating on the shares. The firm adjusted targets in the business development company group as part of a Q2 earnings preview. JPMorgan remains cautious on the space citing credit headwinds, net asset value marks, and dividend coverage. "While we expect a steadier tone, we would not characterize the backdrop as an all-clear," the analyst tells investors in a research note.
