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Wed, Oct. 21, 9:31 AM
Wed, Jul. 29, 6:02 AM
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Tue, Jul. 14, 7:40 PM
- The commercial aerospace segment still provides opportunities for double-digit gains over the next 18 months, as the "aero cycle has legs," J.P. Morgan analyst Seth Seifman says, initiating coverage of Boeing (NYSE:BA) and several peers with Overweight ratings.
- Boeing’s cash flow outlook has been controversial, but Seifman views 787 unit cost reduction as a powerful driver that can push free cash flow to $9.1B in 2017, 44% above 2015 estimates with potential for growth beyond; Seifman sees the precedent Boeing set by returning $8B of cash last year as a signal of confidence in future cash flow.
- General Dynamics' (NYSE:GD) balance sheet might drive upside, while Lockheed Martin (NYSE:LMT) could use its financial strength to create value, but Northrop Grumman (NYSE:NOC) is started at Underweight, as the analyst sees "fewer arrows left in the quiver" and expectations may be too high following recent outperformance in its shares.
- Initiated at Overweight along with Boeing: GD, LMT, SPR, TDG.
- Started at Neutral: BEAV, COL, PCP, TGI, TXT, HRS, LLL
- Earlier: JPMorgan initiates coverage on several aerospace plays
Tue, Jul. 14, 12:27 PM
- Triumph Group (TGI -2.1%) is downgraded to Sell from Neutral with a $58 price target, down from $61, at UBS, which does not think the stock is as cheap as it appears given a challenging growth outlook.
- UBS says TGI appears attractive on valuation, but notes that a significant portion of the company's earnings are non-cash, principally amortization of contract liabilities and pension income.
- The firm expects a difficult growth profile with a likely delay for the Global 7000 and 8000, one of TGI's few growth opportunities, and it sees free cash flow well below net income for the next several years on Gulfstream, 747-8 and increasing cash taxes.
Mon, May 11, 10:46 AM
- RBC Capital has upgraded Triumph Group (TGI +1.2%) to Outperform from Sector Perform, citing restructuring efforts, as well as good performance and tailwinds.
- "TGI is now in transition, with new leadership plus a comprehensive review of the portfolio and operations," said Analyst Steven Cahall. "Performance is also improving...In our view, the stock is still cheap so this is the ideal backdrop for a turnaround story with plenty of share price upside."
- The firm also raised its price target on the stock to $82 from $64.
Thu, May 7, 6:06 PM
Tue, Apr. 28, 3:11 PM
Fri, Feb. 13, 9:27 AM
Thu, Jan. 29, 1:33 AM
Tue, Jan. 27, 5:35 PM| Tue, Jan. 27, 5:35 PM | 4 Comments
Mon, Jan. 5, 9:59 AM
- Triumph Group (TGI -1.1%) has announced the closing of the previously announced agreement with Spirit AeroSystems (SPR -0.2%) to take over production of the Gulfstream G650 and G280 wing programs in Tulsa, Oklahoma.
- The company received $160M in cash plus assets from Spirit to run the business and to cover the anticipated future cash flow needs of the programs.
- The business is expected to to be immediately accretive to Triumph's EPS an add approximately $250M to annual revenue.
- Previously: Spirit to transfer Gulfstream wing programs to Triumph (Dec. 09 2014)
Dec. 9, 2014, 8:35 AM
- Spirit AeroSystems (NYSE:SPR) has reached an agreement to transfer its Gulfstream G650 and G280 wing programs in Tulsa, Oklahoma to Triumph Group (NYSE:TGI).
- Under the terms of the agreement, Triumph will receive $160M in cash plus assets required to run the business from Spirit to cover the anticipated future cash flow needs of the programs.
- The transaction is an estimated loss in the range of $205M-$235M ($1.45-$1.65 per diluted share) and is expected to close in 2014.
- SPR -3% premarket
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