Piper downgrades Triumph Financial to Underweight on valuation

Piper Sandler downgraded Triumph Financial to Underweight from Neutral with a price target of $67, up from $64. Triumph should see significant earnings growth over the next 24 months, but even assuming a freight recovery and great success in monetizing T-Pay, shares are already trading at 21-times 2025’s estimated earnings exit rate, the analyst tells investors in a research note. Meanwhile, in the nearer term, the company’s investments in payments and the freight recession “will keep the bottom-line somewhat under wraps,” says Piper. As such, it thinks the stock “has somewhat gotten ahead of itself.”