Hovde Group analyst Bryce Rowe on Friday upgraded shares of Owl Rock Capital Corp. orcc to outperform from market perform and maintained his target price of $15 a share for the New York-based business development company. While he cut his second-quarter net interest income view by 3 cents a share to $1.32 a share, Rowe sees stronger net interest income in the third quarter as higher interest rates kick in. “The expected support from increasing rates should materially improve the portfolio yield from 1H22 levels,” Rowe said. Shares of Owl Rock Capital rose 2.9% in premarket trades. The stock is down 3.5% so far in 2022, compared to a drop of 14% by the KBW Nasdaq Bank Index bkx. Owl Rock Capital invests in middle market companies with annual revenue of $50 million to $2.5 billion, with check sizes of $20 million to $250 million and it also acts as a lead investor.