PennantPark Investment set for lower open after downgrade

• Ladenburg Thalman moves to the sidelines, downgrading PNNT to Neutral from Buy following a nice post-earnings move higher last week.
• Shares -1.3% premarket
• FBR Capital made the opposite move on Friday, upgrading to Outperform. Analyst Scott Valentin notes plenty of liquidity, limited further downside from energy exposure, and the just-launched buyback plan.
• Previously: PennantPark Investment launches $35M buyback (May 6)