Zacks Investment Research upgraded shares of American Capital, Ltd. (ACAS) from UNDERPERFORM to NEUTRAL on December 02, 2013, with a target price of $16.00.
We have upgraded our recommendation on American Capital to Neutral from Underperform based on the company's lower expenses and healthy capital deployment activities. However, the company's third-quarter 2013 operating earnings missed the Zacks Consensus Estimate and were below the prior-year quarter earnings due to fall in the top line. A low-interest rate environment also acted as a headwind. However, overall, American Capital's portfolio performance will expectedly continue to improve with the gradual economic recovery and the company's disciplined expense management, which will drive bottom-line growth.
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