UPDATE: Goldman Sachs Downgrades Triumph Group to Neutral on Flat Expectations

In a report published Thursday, Goldman Sachs analyst Noah Poponak downgraded the rating on

from Buy to Neutral, and lowered the price target from $92.00 to $86.00. In the report, Goldman Sachs noted, “We continue to favor TGI's exposure to Aerospace OE, and still see upside potential in its operating metrics. But the company has improved margins substantially in recent periods and we believe that story is much better understood and expectations are higher. Similarly, we also now see less upside to consensus estimates than we used to. With our expectation of TGI revenue close to flat organically in FY2014, any meaningful relative multiple expansion seems less likely. Since added to the Buy List on June 29, 2012, TGI is up 40.1% vs. the S&P up 21.0%. It is up 27.0% in the past 12 months vs. the S&P up 23.7%.” Triumph Group closed on Wednesday at $78.85.