Read why Triumph shares are trading higher today
- Truist analyst Michael Ciarmoli reduced the price target on Triumph Group Inc. TGI to $20 (a 38% rise) from $24 while maintaining the buy rating on stocks as part of a broader research rating outlining quarterly commercial aerospace and defense results.
- The analyst noted that the second quarter earnings season is shaping up to be tough due to continued supply chain pressures, inflation and a possible looming recession.
- Ciarmoli remains confident about the long-term trajectory of defense spending, but warns that inflation and the supply chain are emerging as near-term threats.
- Earlier today, Triumph and Moog Inc. (NYSE: MOG-A) has entered into a four-year agreement to provide maintenance, repair and overhaul (MRO) solutions for Boeing Company BA 787 landing gear and cargo door actuation control systems for an Asia-Pacific operator.
- The company plans to perform the work at its hydraulic actuation centers of excellence for actuation products and services in Yakima, Washington, and Clemmons, North Carolina.
- Additionally, Triumph’s Systems, Electronics and Controls business in West Hartford, Connecticut, has been awarded a contract by the Defense Logistics Agency to support the US Army on Enhanced Digital Electronic Control Units (EDECUs) for UH- 60 Black Hawk and AH-64 Apache. .
- The order is part of a five-year contract to complete the upgrade of approximately 3,100 digital electronic control units across the two fleets.
- Price Action: Shares of TGI are trading up 5.94% at $14.45 when last checked on Tuesday.
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