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Raymond James upgrades THL Credit to 'market perform'

Raymond James analyst Robert Dodd upgraded THL Credit Inc. to "market perform" from "underperform."

The closed-end investment company reduced its dividend to 21 cents per share for the fiscal first quarter, down from the previous dividend of 27 cents per share, and plans to permanently reduce its base management and incentive fees.

The analyst does not expect the company's shares to "gain much forward momentum" despite its shares remaining "at a large discount to [net asset value per share]," until the company's management proves its ability to stabilize and grow the company's net asset value.