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Oppenheimer expects WhiteHorse to outearn its dividend in coming quarters

Oppenheimer analyst Chris Kotowski initiated coverage of WhiteHorse Finance Inc. at "outperform," saying the "high-quality" business development company has generated assets with "above-industry average yields," while seeing only minimal realized losses.

A slowdown in investment activity in the third quarter has led to a decline in the stock, which has now reached an "attractive" entry point, the analyst said. Kotowski said the company, which has had only $690,000 of realized net losses since its inception, has "ample" cash and liquidity to grow its portfolio and outearn its dividend by a few cents per quarter. He expects the company to cover its distribution by the second quarter of 2018.

His price target for the company is $15.00. Kotowski's EPS estimates are $1.69 for 2017 and $1.45 for 2018.