In a report released yesterday, Timothy P. Hayes from B.Riley FBR reiterated a Buy rating on Hercules Capital (HTGC), with a price target of $15. The company’s shares closed yesterday at $12.98.
Hayes commented:
“We reiterate our Buy rating and $15 PT on shares of Hercules Capital (HTGC) following the announcement that the company has formally named Scott Bluestein as CEO and president and has also separated the roles of chairman and CEO; we believe the latter improves corporate governance and shareholder alignment. Robert P . Badavas, who has been an independent director at HTGC for 13 years, will continue to serve as chairman of the board. So far, it appears the company has not skipped a beat nor suffered any setbacks following the sudden departure of the company’s founder, Manuel Henriquez. Looking ahead, we expect continued portfolio growth, which, coupled with modestly higher leverage and strong credit performance, should support double digit ROEs and additional dividend growth. We highlight a potential 25% total return opportunity from current levels, including the 9.9% dividend yield.”
According to TipRanks.com, Hayes is a 4-star analyst with an average return of 7.2% and a 72.8% success rate. Hayes covers the Financial sector, focusing on stocks such as Fidus Investment Corporation, Ready Capital Corporation, and Saratoga Investment Corp.
Hercules Capital has an analyst consensus of Strong Buy, with a price target consensus of $13.69.
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The company has a one-year high of $14.16 and a one-year low of $10.56. Currently, Hercules Capital has an average volume of 539.3K.
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Hercules Capital, Inc. is a specialty finance company, which focuses on providing senior secured loans to high-growth, innovative venture capital-backed companies in a variety of technology, life sciences, and sustainable and renewable technology industries. The company was founded by Manuel A. Henriquez in December 2003 and is headquartered in Palo Alto, CA.
