Wells Fargo analyst Finian P. O'Shea lowered the firm's price target on Cion Investment to $6.50 from $7 and keeps an Underweight rating on the shares. The firm admits Cion is "a bit of a Rorschach test," where the bull thesis would dramatically lift net operating income. In contrast, bears may see the likeliest sources of repayments to be the highest-quality, most cash-generative assets, and therefore deleveraging is NOI / cash NOI destructive. In either case, Wells thinks both agree leverage must start moving the other way, and David's Bridal remains the asset most likely to move the needle.
