UPDATE: Jefferies Upgrades Triumph Group (TGI) to Buy
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Jefferies analyst Sheila Kahyaoglu upgraded Triumph Group (NYSE: TGI) from Hold to Buy with a price target of $26.00 (from $20.00).
The analyst commented, "We upgrade TGI to Buy from Hold w/ visibility to positive FCF following the last divestiture this month. Revenues, profit, FCF are all set to inflect. This has been a process 6 years in the making as the mgmt team had to unwind / divest 'bad' contracts over that term. As such the Structures business contracted from $2.6BB of revenue in 2016 to $132MM or 95% slated for FY23. The end of a multi-year portfolio reshaping under a mgmt team unlocks the SOTP of $26."
Shares of Triumph Group closed at $20.51 yesterday.
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