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National Securities upgrades Horizon Technology on improved performance

National Securities analyst Christopher Testa has upgraded Horizon Technology Finance Corp. to "neutral" from "sell," taking into account the company's improved operational performance and pressure on shares.

Testa wrote in a March 8 note that the company has done a "respectable job" of cleaning up its portfolio, stabilizing net asset value and continuing to earn good onboarding yields. He expects stable net asset value and improved net investment income to cover the company's dividend.

Testa sees very slight portfolio growth for the next two years on the assumption that Horizon Technology will continue to trade at a net asset value discount and thus be capital-constrained. He expects all-in effective yield to be stable for the next two years.

Testa raised his price target to $11 from $10. He changed his 2018 net investment per share estimate for the company to $1.25 from $1.05. He also introduced a net investment income per share estimate of $1.19 for 2019.