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Wedbush upgrades Gladstone Investment to 'outperform' after stock selloff

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Wedbush upgrades Gladstone Investment to 'outperform' after stock selloff

Wedbush Securities analyst Henry Coffey upgraded Gladstone Investment Corp. to "outperform," writing that the recent selloff in the company's shares is creating an attractive entry point for investors.

Trends in investment value have been positive in recent quarters and Gladstone's shares are selling below the company's current book value or net asset value, Coffey pointed out. He also complimented the "unique dynamics" of the company's business model, which relies on buying companies through a mix of high-yield debt and equity.

Coffey expects the company to pay its dividend consistently in 2018 and to increase its special dividend.

The analyst's 12-month price target on the stock is $11. His full-year EPS estimates for 2018 and 2019 are 75 cents and 77 cents, respectively.