Stifel Raises Price Target on Trinity Industries (TRN) to $21; Reiterates Hold
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Stifel reiterated a Hold rating on Trinity Industries (NYSE: TRN), and raised the price target to $21.00 (from $20.00), after touring one of the company's wind tower manufacturing facilities. U.S. wind power capacity has grown at a CAGR of more than 25% in the past 15 years and is expected to continue. Trinity participates in the market through the manufacture of structural wind towers, which it currently builds in three facilities.
Analyst Michael Baudendistel commented, "Earlier today, we had the opportunity to tour one of Trinity’s wind tower manufacturing facilities, located in Newton, Iowa. We believe weakness in industry fundamentals in the railcar market is well understood by investors currently, but Trinity’s other, smaller business segments understandably do not receive as much focus. In this note, we take a deeper look at the wind tower business and provide takeaways from the facility tour and meetings with management."
Shares of Trinity Industries closed at $24.02 yesterday.
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