UPDATE: Trinity Capital Inc. (TRIN) PT Lowered to $15 at Wells Fargo in its First Public Quarter

March 5, 2021 6:14 AM EST
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Price: $14.72 --0%

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    7 Buy, 1 Hold, 0 Sell

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    Up: 7 | Down: 4 | New: 62
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(Updated - March 5, 2021 7:22 AM EST)

Wells Fargo lowered its price target on Trinity Capital Inc. (NASDAQ: TRIN) to $15.00 (from $16.00) with improving NAV and NOI above the $0.27 dividend in its inaugural public quarter. There was no thorough update for its warrants in Ateiva, the parent of Lucid Motors which is engaged in a proposed SPAC merger with Churchill Capital Corp IV (NYSE: CCIV).

The analyst stated "TRIN interestingly remains the most obvious play in BDCs for a rebound in SPAC interest given its sizable position in one of the higher profile potential deals on market as we see it. As such we are reducing our price target to $15, from $16 previously, which reflects a 9% yield on our 2021 NOI estimates. We are fine-tuning our NOI estimates to $1.37 (from $1.43) for 2021 on slightly lower origination, and $1.61(from $1.70) on 2022, which still reflects +17% NOI growth."

maintaining a Overweight rating.

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