Deutsche Bank Downgrades Triumph Group (TGI) to Hold
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Deutsche Bank downgraded Triumph Group (NYSE: TGI) from Buy to Hold. Analyst Myles Walton sees less upside.
"TGI is in the early days of a turn-around, but one that may take time to bear fruit. Downside on legacy Gulfstream production, widebody OEM production and mature military platforms coupled with continued cash flow pressures keep us from staying committed in the near-term as we see just gradual progress into Spring 2017. On a scrubbed down EBITDA, we see valuation at 7.5x on FY18, which isn't too rich but is also not yet accompanied by cash flow in FY17 making us less inclined to bid the multiple up further," said Walton.
Shares of Triumph Group closed at $30.30 yesterday.
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