UPDATE: Oppenheimer Starts Trinity Capital Inc. (TRIN) at Outperform
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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."
Shares of Trinity Capital Inc. closed at $14.56 yesterday.
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