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National Securities downgrades TICC Capital on valuation

National Securities analyst Christopher Testa downgraded TICC Capital Corp. to "sell" from "neutral" on valuation.

Testa expects the company's dividend to fall to 12 cents per share in the first of quarter 2018 from 20 cents per share in the first quarter of 2017. He also said the company's per-share net asset value could be "materially lower" because of renewed loan market volatility.

Additionally, he noted that the company has a heavy collateralized loan obligation equity concentration, pointing out that the market favors pure-play structured credit vehicles over business development companies holding CLO equity.

He maintained his price target for the company at $5. His per-share core net investment income estimates are 78 cents for 2017 and 95 cents for 2018.