Wolfe says Triumph Group on ‘different path today,’ upgrades shares

Wolfe Research upgraded Triumph Group to Outperform from Peer Perform with an $18 price target. The analyst left recent management meetings more optimistic that the company is “truly on a different path today” following a difficult few years. Triumph received an attractive multiple for its Product Support segment sale and will accelerate the deleveraging of the balance sheet, the analyst tells investors in a research note. Wolfe cites the company’s significant improvement in leverage, recent share underperformance and some more proactive cost actions for the upgrade.