Alliance Global lowered the firm's price target on Pearl Diver Credit to $12 from $13 and keeps a Buy rating on the shares. The company provided a net asset value estimate as of March 31 of $10.48 per share, a decline of 27% from year-end, the analyst tells investors in a research note. The firm assumes yields declined in the quarter due to loan repricing and spread compression, likely offset by some refinancing opportunities.
