UPDATE: Oppenheimer Starts Trinity Capital Inc. (TRIN) at Outperform

May 3, 2021 4:25 PM EDT
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Price: $16.30 -1.09%

Rating Summary:
    9 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 9
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(Updated - May 3, 2021 4:26 PM EDT)

Oppenheimer analyst Michael Penn initiates coverage on Trinity Capital Inc. (NASDAQ: TRIN) with a Outperform rating and a price target of $15.00.

The analyst comments "Trinity Capital is an internally managed BDC that focuses on providing equipment financing and term loans to growth-stage businesses in a broad range of industries. Trinity completed its initial public offering in January 2021. The key to Trinity's growing its ROE from 8.6% to 12% is $350M of portfolio growth over the next two years. We estimate EPS of $1.31 and $1.57 in 2021 and 2022 for an ROE of 10% and 12%, respectively. We project that the company can earn a 12% ROE, and given an estimated cost of equity capital of 10.5%, we calculate a fair value of $15/share, or 1.15x book value. With the stock now trading at around $14.50, we initiate at Outperform."

For an analyst ratings summary and ratings history on Trinity Capital Inc. click here. For more ratings news on Trinity Capital Inc. click here.

Shares of Trinity Capital Inc. closed at $14.56 yesterday.

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