UBS Upgrades Triumph Group (TGI) to Buy
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UBS analyst Myles Walton upgraded Triumph Group (NYSE: TGI) from Neutral to Buy with a price target of $22.00 (from $14.00).
The analyst comments "We are upgrading TGI shares to Buy from Neutral as our price target increases to $22 from $14. We've watched Triumph slowly progress through a massive transformation over the last 5+ years and while the pandemic has had an impact on the overall business we see this as an inflection point where profitability will be more consistent and the cash profile should improve considerably (from $200M burn to +~$100M). Shares traded down significantly post F1Q results with investors apparently most caught off guard by the cash usage guide for the year; however, the $135-150M usage was better than we'd expected (and is basically all behind them now with the rest of FY22 at breakeven FCF) and when taking into account the future margin and cash flow profile from here along with a more attuned valuation, we see shares as now being undervalued."
Shares of Triumph Group closed at $18.12 yesterday.
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