UPDATE: Deutsche Bank Downgrades TriMas Corp On Limited Share Price Upside

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In a report published Friday, Deutsche Bank analyst Karen Lau downgraded the rating on
TriMas CorpTRS
from Buy to Hold, but reiterated the $34.00 price target. In the report, Deutsche Bank noted, “We are downgrading TRS from Buy to Hold due to limited share price upside. Our sum-of-the-parts analysis suggests a target share price of $34. We believe a sum-of-the-parts framework is appropriate given the announced spinoff of Cequent (expect to be completed by mid 2015). Our EPS forecast of $2.33 and $2.58 for 2015 and 2016, respectively, assumes 4-5% of total sales growth in both years. Our 2015 forecast incorporates ~15 cents of EPS accretion from the Allfast acquisition. We assume Allfast to be EPS neutral in 4Q14 (company's guidance for 4Q14 and 2014 excludes Allfast).” TriMas Corp closed on Thursday at $31.40.
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Posted In: Analyst ColorDowngradesAnalyst RatingsDeutsche BankKaren Lau
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