PennantPark Floating Rate initiated with a Market Perform at Raymond James

Raymond James initiated coverage of PennantPark Floating Rate (PFLT) with a Market Perform rating and no price target The firm views PennantPark positively on a general credit basis, saying its earnings projections are sufficient to cover the dividend on a go forward basis even as interest rates begin trending down. However, the shares are fairly valued at this stage given the early stages of the company’s loan fund program expansion, the analyst tells investors in a research note.