Triumph Group upgraded to Buy from Underperform at BofA

BofA double upgraded Triumph Group to Buy from Underperform with a price target of $21, up from $9, as the firm resumed coverage of the stock. The firm thinks the recent sale of its Product Support Group for $725M is a “transformational event” as the divestiture should reduce current net debt/EBITDA to 4.9 times from 7.6 times and push net leverage under 3 times in the next 12 to 18 months, the analyst tells investors.