Stifel Nicolaus Lowers PT on Triumph Group to $60

Stifel Nicolaus is out with its report today on Triumph Group

, lowering its PT from $120 to $60 due to a stock split. In a note to clients, Stifel Nicolaus writes, "We maintain our Buy rating. Our target price of $60, adjusted for the split, is based on a EV/F2012 EBITDA estimate multiple of about 8.5x. This is similar to the historical figure for Triumph's peers. We believe it is appropriate to give Triumph management credit for rapid movement on integration of the Vought businesses and reducing investment risk through cash flow generation and debt repayment. The stock presently trades at a multiple of about 7.4x." At the time of posting, shares of TGI were trading at $50.44, down 0.21% from Thursday's close.