Analysts’ updated eps estimates for Monday, August 7th:

American Airlines Group (NASDAQ:AAL) had its hold rating reissued by analysts at Sanford C. Bernstein.

Advance Auto Parts (NYSE:AAP) had its buy rating reissued by analysts at UBS AG. They currently have a $155.00 price target on the stock, down from their previous price target of $170.00.

Air France KLM SA (OTCMKTS:AFLYY) had its buy rating reiterated by analysts at UBS AG.

Air Products and Chemicals (NYSE:APD) was upgraded by analysts at Vertical Research from a sell rating to a hold rating.

Ares Capital Corporation (NASDAQ:ARCC) had its buy rating reissued by analysts at National Securities. National Securities currently has a $19.00 target price on the stock. The analysts wrote, “• Ares reported core NII of $0.34/share versus our estimate of $0.38/share, as ACAS assets with no yield or lower yields weighed on overall effective yield, NIM, and thus earnings. However, we note that this is a $0.02/share improvement Q/Q as the company makes progress in recycling assets and that prepayment fees, which many BDCs account for in investment income, are accounted for as realized gains at ARCC and were $0.02/share. We expect Ares to achieve full dividend coverage on a core NII basis in 4Q17.

• In 3Q17 ARCC purchased the remaining $1.6 billion of loans from the SSLP (Senior Secured Loan Program) with GE Capital and the joint venture (JV) was ended. As a result, ARCC’s 30% basket is freed up significantly. As of 6/30/17, the SSLP was 16.5% of the portfolio at amortized cost and the SDLP (Senior Direct Lending Program) was a mere 3.4%. This provides Ares with much needed breathing room in the 30% basket and should permit the company to comfortably ramp its SDLP JV with Varagon. While it will take time to ramp the program, we think ARCC sees ample deal flow in the upper middle market (UMM) already which is what goes into the JV, making deal sourcing easier for the program. Additionally, Ares could potentially put some or all of the $1.6 billion in loans purchased from the SSLP into the SDLP although this would of course require the consent of Varagon.

• We are revising our 2017 core NII/share estimate to $1.46 from $1.59 and our 2018 core NII/share estimate to $1.65 from $1.72.

Booz Allen Hamilton Holding Corporation (NYSE:BAH) had its buy rating reissued by analysts at Cowen and Company. Cowen and Company currently has a $41.00 price target on the stock. The analysts wrote, “Investors should be positive to good Q1 execution and robust bookings, despite.””

B&G Foods (NYSE:BGS) was upgraded by analysts at BMO Capital Markets from a market perform rating to an outperform rating.

Brighthouse Financial (NASDAQ:BHFWV) had its market perform rating reissued by analysts at FBR & Co. They currently have a $72.00 target price on the stock.

Buckeye Partners L.P. (NYSE:BPL) had its neutral rating reaffirmed by analysts at Credit Suisse Group. The firm currently has a $74.00 target price on the stock, down from their previous target price of $80.00.

Bluerock Residential Growth REIT (NYSE:BRG) was downgraded by analysts at Compass Point from a buy rating to a neutral rating.

BlackRock LT Municipal Advantage Trust (NYSE:BTA) had its buy rating reaffirmed by analysts at Numis Securities Ltd. They currently have a GBX 390 ($5.14) price target on the stock.

CBL & Associates Properties (NYSE:CBL) had its hold rating reiterated by analysts at Boenning Scattergood.

Cedar Realty Trust (NYSE:CDR) had its sell rating reaffirmed by analysts at Boenning Scattergood. Boenning Scattergood currently has a $4.50 price target on the stock.

Centrica PLC (LON:CNA) had its hold rating reiterated by analysts at HSBC Holdings plc. They currently have a GBX 202 ($2.66) price target on the stock.

Cinemark Holdings (NYSE:CNK) had its buy rating reiterated by analysts at Wedbush.

Canadian Pacific Railway Limited (NYSE:CP) (TSE:CP) was downgraded by analysts at Wolfe Research from an outperform rating to a market perform rating.

T Clarke PLC (LON:CTO) had its corporate rating reaffirmed by analysts at N+1 Singer.

DIC Asset AG (ETR:DIC) had its buy rating reaffirmed by analysts at DZ Bank AG.

Dick’s Sporting Goods (NYSE:DKS) had its neutral rating reiterated by analysts at Credit Suisse Group. Credit Suisse Group currently has a $44.00 target price on the stock, down from their previous target price of $55.00.

Airbus SE (EPA:EAD) had its buy rating reaffirmed by analysts at UBS AG.

Earthport plc (LON:EPO) had its corporate rating reiterated by analysts at N+1 Singer.

Essent Group (NYSE:ESNT) had its hold rating reissued by analysts at Keefe, Bruyette & Woods. The firm currently has a $43.00 price target on the stock.

easyJet plc (LON:EZJ) had its buy rating reissued by analysts at UBS AG.

FleetCor Technologies (NYSE:FLT) had its buy rating reaffirmed by analysts at Keefe, Bruyette & Woods. Keefe, Bruyette & Woods currently has a $201.50 price target on the stock.

Gladstone Capital Corporation (NASDAQ:GLAD) had its sell rating reaffirmed by analysts at National Securities. They currently have a $8.00 target price on the stock. The analysts wrote, “• Gladstone posted NII/share of $0.21/share for fiscal 3Q17, a penny above our estimate and matching consensus. Despite strong portfolio growth the past two quarters, revenue was lighter than we had anticipated as fee income fell materially due to very low repayments during the quarter. This has followed the theme of what we have seen this earnings season: significant OID acceleration and prepayment fees in the core-to-upper middle market lenders and very little prepayments and fee income for the lower middle market lenders.

• The portfolio grew by 10.2% Q/Q to $345.5 million from $313.5 million with GLAD originating $35.8 million of investments on the quarter. D/E finished the quarter at 0.65x and the company has significant spare capacity on its credit facility and the ability to utilize its ATM (at-the-market) program to opportunistically issue equity as needed, which we think bodes well for portfolio growth.

• We are revising our fiscal 2017 NII/share estimate to $0.85 from $0.84 and our fiscal 2018 NII/share estimate to $0.85 from $0.86. Even with high effective yields on the loans Gladstone is originating, the cost of capital is too high at this time for earnings growth to materialize even when modeling strong portfolio growth, in our opinion, and we continue to believe shares are overvalued.”

GlycoMimetics (NASDAQ:GLYC) had its buy rating reaffirmed by analysts at SunTrust Banks, Inc.. The firm currently has a $21.00 price target on the stock.

GenMark Diagnostics (NASDAQ:GNMK) had its buy rating reissued by analysts at Canaccord Genuity. The firm currently has a $14.00 target price on the stock, down from their previous target price of $17.00.

Golfsmith International Holdings (NASDAQ:GOLF) was downgraded by analysts at Roth Capital to a hold rating. The firm currently has $20.00 target price on the stock.

Goldman Sachs BDC (NYSE:GSBD) had its neutral rating reissued by analysts at National Securities. The firm currently has a $22.00 target price on the stock. The analysts wrote, “• Goldman reported NII/share of $0.64, versus our estimate of $0.50 and the $0.45 quarterly dividend. Total repayments for the quarter totaled $167.8 million, the highest amount since GSBD went public. The combined accelerated OID accretion and prepayment fees served to significantly boost investment income during the quarter. We expect prepayments and thus fees and OID acceleration will normalize in 3Q17 although we still anticipate NII to be well in excess of the quarterly dividend.

• GSBD had heavy realized losses of $38.1 million for the quarter largely pertaining to previous non-accruals Washington Inventory Services and Iracore International Holdings being restructured. These two non-accruals combined had unrealized losses of $32.4 million as of 3/31/17. Additionally, Kawa Solar Holdings was placed on non-accrual with a cost of $6.7 million. The out-earned dividend courtesy of prepayments combined with a 2Q17 equity offering completed at a 23% premium to 1Q17 NAV/share served to offset the realized losses and resulted in NAV/share only being down $0.03 Q/Q.

• We are revising our 2017 NII/share estimate to $2.10 from $1.98 and our 2018 NII/share estimate to $2.03 from $2.07.”

Hannover Rueck SE (FRA:HNR1) had its neutral rating reiterated by analysts at Barclays PLC.

Horizon Technology Finance Corporation (NASDAQ:HRZN) had its neutral rating reaffirmed by analysts at National Securities. National Securities currently has a $10.00 price target on the stock, down from their previous price target of $11.00. The analysts wrote, “• HRZN experienced a 2.0% sequential Q/Q decline in NAV/share to $11.87 from $12.11, generating an annualized economic return of 2.1% for the quarter. In 2Q17, Interleukin Genetics was placed on non-accrual status with a cost of $4.0 million. HRZN began to work with the sponsors at Interleukin as they pursued a clinical services agreement but when it became apparent they wouldn’t get this they instead began to work on liquidating the company. What is concerning, in our opinion, is the fact that Interleukin was marked at 98% of cost as of 3/31/17.

• NII/share was light at $0.24/share, contrasted with a $0.30/share quarterly dividend and our estimate of $0.29/share. We had previously estimated a reduction in the dividend to $0.27/share in 3Q18 but are now anticipating a much more severe cut to $0.22/share in 1Q18. The light NII/share during the quarter came about even as the incentive fee was not fully earned and the company had the benefit of $327,000 in prepayment fees during the quarter. We cannot fathom how, with a fully earned incentive fee and lower prepayments (and thus lower fee income), HRZN will earn the $0.30/share quarterly dividend going forward.

• We are revising our 2017 NII/share estimate to $0.98 from $1.17 and our 2018 NII/share estimate to $0.96 from $1.16.”

Henry Schein (NASDAQ:HSIC) was upgraded by analysts at Northcoast Research from a neutral rating to a buy rating.

The Kraft Heinz (NASDAQ:KHC) had its buy rating reaffirmed by analysts at Berenberg Bank. They currently have a $102.00 target price on the stock.

Kinsale Capital Group (NASDAQ:KNSL) had its buy rating reissued by analysts at SunTrust Banks, Inc.. The firm currently has a $46.00 target price on the stock.

L-3 Communications Holdings (NYSE:LLL) was upgraded by analysts at Goldman Sachs Group, Inc. (The) from a buy rating to a conviction-buy rating.

Natural Grocers by Vitamin Cottage (NYSE:NGVC) was upgraded by analysts at Wolfe Research from an underperform rating to a market perform rating.

National Oilwell Varco (NYSE:NOV) was downgraded by analysts at SunTrust Banks, Inc. from a hold rating to a sell rating.

Norfolk Souther Corporation (NYSE:NSC) was upgraded by analysts at Wolfe Research from a market perform rating to an outperform rating.

OFS Capital Corporation (NASDAQ:OFS) had its buy rating reiterated by analysts at National Securities. National Securities currently has a $16.00 target price on the stock. The analysts wrote, “• OFS reported adjusted NII/share of $0.31/share, matching consensus but falling a penny short of our estimate. The earnings drag was to be expected given the sizable equity offering completed in 2Q17. However, the company’s incentive fee was not earned and instead the management company effectively forfeited $22,000 to OFS due to the sequential 3.9% Q/Q decline in NAV/share. The NAV decrease was driven by an additional write-down on non-accrual Community Intervention Services by $1.4 million and My Alarm Center being placed on non-accrual, with a cost of $6.7 million. Subsequent to quarter-end, My Alarm Center was restructured.

• We anticipate NAV/share to steadily increase through the remainder of 2017 and into 2018, as the company continues to focus on more senior secured loans relative to subordinated debt. As a result, we model an economic return of 7.0% for 2017 before improving to 12.0% for 2018.

• The company had a blockbuster $69.1 million of originations during 2Q17, easily outpacing the $19.5 million of repayments. We expect the portfolio to have strong growth through year-end.

• We are revising our 2017 adjusted NII/share estimate to $1.41 from $1.42 and are maintaining our 2018 adjusted NII/share estimate of $1.49. “

Regency Centers Corporation (NYSE:REG) had its hold rating reaffirmed by analysts at Boenning Scattergood.

Solar Capital (NASDAQ:SLRC) had its buy rating reissued by analysts at National Securities. They currently have a $24.00 target price on the stock. The analysts wrote, “• The portfolio at fair value decreased Q/Q to $1.22 billion from $1.32 billion, causing NII/share to fall $0.02/share short of the $0.40/share quarterly dividend. However, on 7/31/17 Solar announced that it had acquired National Equipment Finance (NEF) for $210 million, paying slightly above tangible book value for the company. Importantly, the acquisition adds another specialty finance vertical to SLRC’s arsenal which already has Crystal Financial for ABL (asset-based lending), two unitranche joint ventures (JV), a life sciences JV, and life sciences lending platform.

• Solar remains one of the most disciplined credit investors in the entire BDC sector. Management has had no issue with permitting the portfolio to shrink even if it means earnings come in light. We respect that Solar is not managing the company for the next 90 days, and this is reflected in the pristine asset quality and stable NAV/share. Non-accruals are still confined to one company, Direct Buy, with a cost equivalent to 0.7% of the portfolio. We continue to think SLRC should command a better valuation than it currently has given the NAV stability and earnings drivers the company has.

• We are revising out 2017 NII/share estimate to $1.63 from $1.75 and our 2018 NII/share estimate to $1.82 from $1.83. “

Sonus Networks (NASDAQ:SONS) was upgraded by analysts at DA Davidson from a neutral rating to a buy rating. DA Davidson currently has $8.50 target price on the stock.

Swiss Re AG (VTX:SREN) had its buy rating reaffirmed by analysts at DZ Bank AG.

Surgical Innovations Group Plc (LON:SUN) had its buy rating reissued by analysts at N+1 Singer. The firm currently has a GBX 5.50 ($0.07) target price on the stock.

Triangle Capital Corporation (NYSE:TCAP) was downgraded by analysts at Hilliard Lyons from a buy rating to a neutral rating.

Timken Company (The) (NYSE:TKR) was downgraded by analysts at Goldman Sachs Group, Inc. (The) from a conviction-buy rating to a buy rating.

Tenaris (NYSE:TS) had its hold rating reissued by analysts at Berenberg Bank. Berenberg Bank currently has a $30.00 price target on the stock.

TPG Specialty Lending (NYSE:TSLX) had its neutral rating reissued by analysts at National Securities. The firm currently has a $19.00 price target on the stock. The analysts wrote, “• TPG reported NII/share of $0.57 compared to our estimate of $0.44 and consensus of $0.46/share. There were significant repayments during the quarter of $277.0 million and a significant amount of prepayment activity, largely driven by Qlik Technologies and Payless. There was $0.26/share of prepayment fees and OID acceleration combined during the quarter.

• TPG’s asset quality remains very strong, with the company finished 2Q17 with no non-accruals. Mississippi Resources was on non-accrual as of 3/31/17 but was restructured and has seen improved performance since the restructuring. NAV/share increased modestly Q/Q, driving a 12.4% annualized economic return for the quarter.

• TSLX is well positioned to grow its portfolio despite challenging loan market. The company’s ability to understand and participate in complex situations, co-invest and take down larger bite sizes and provide certainty of closing, and utilize ABL (asset-based lending) as well as cash flow lending all bode well for TPG’s ability to drive good volume while maintaining its stringent underwriting criteria and preserving credit quality going forward.

• We are revising our 2017 NII/share estimate to $1.94 from $1.83 and are maintaining our 2018 NII/share estimate of $1.85.”

TTM Technologies (NASDAQ:TTMI) was upgraded by analysts at Needham & Company LLC from a buy rating to a strong-buy rating. They currently have $22.00 price target on the stock.

Time Warner (NYSE:TWX) had its in-line rating reissued by analysts at Evercore ISI. The firm currently has a $108.00 target price on the stock.

United Continental Holdings (NYSE:UAL) had its hold rating reiterated by analysts at Sanford C. Bernstein.

Union Pacific Corporation (NYSE:UNP) was downgraded by analysts at Wolfe Research from an outperform rating to a market perform rating.

Vernalis plc (LON:VER) had its hold rating reaffirmed by analysts at N+1 Singer. They currently have a GBX 28 ($0.37) price target on the stock.

Verint Systems (NASDAQ:VRNT) was upgraded by analysts at Goldman Sachs Group, Inc. (The) from a buy rating to a conviction-buy rating.

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