Crescent Capital BDC price target raised to $20 from $19 at Keefe Bruyette

Keefe Bruyette raised the firm’s price target on Crescent Capital BDC (CCAP) to $20 from $19 and keeps an Outperform rating on the shares. The firm notes the company reported a large beat to its estimates and consensus, driven by accelerated OID from payoffs and higher fee income. However, NAV declined -0.5% and credit metrics declined slightly. Keefe Bruyette cites the continued progress on rotating out of the FCRD portfolio for the price target change, but says it is reducing estimates due to a lower base rate projections and tighter portfolio spread.