Runway Growth Finance upgraded to Buy from Neutral at Lucid Capital

Lucid Capital upgraded Runway Growth Finance (RWAY) to Buy from Neutral with a price target of $12, up from $11. The company’s “niche” lending strategy to late-venture, early-growth stage companies provides a “differentiated platform” from many business development company peers, the analyst tells investors in a research note. The firm says Runway’s “strong” liquidity and dividend coverage, combined with conservative underwriting, position the company to “generate attractive returns throughout all stages of the business cycle.” Lucid notes the shares currently trade at 76% of net asset value.