Ladenburg downgraded PennantPark (PNNT) to Neutral from Buy with no price target after PennantPark reported Q3 pre-tax NII per share of 23c versus 25c the previous quarter. The firm’s estimates call for net interest income, or NII, per share to remain near the distribution and the firm is reducing its rating to Neutral as the stock has practically achieved its now-removed price target of $7.
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