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AG Edwards Cuts MCG Capital to Hold


From Standard & Poor's Equity Research

AG Edwards downgraded MCG Capital (MCGC) to hold from buy, noting the stock's valuation.

Analyst Paul Hamilos says shares recently reached his $16 fair value estimate. He feels the risk/reward profile for the company is now balanced. He thinks MCG Capital will continue to make progress in diversifying its portfolio, as well as improving coverage of its dividend through distributable net operating income growth. But given current price levels, he feels MCG Capital shares no longer possess requisite appreciation potential to warrant a buy rating. He maintains $1.54 2006 earnings per share (EPS) and $1.60 EPS 2007 estimates.


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