Triumph downgraded to Underperform from Market Perform at Keefe Bruyette

Keefe Bruyette downgraded Triumph Financial to Underperform from Market Perform with a price target of $70, down from $75. The company’s expenses in Q2 “shot higher” due to investment spend and TPay growth trends were below expectations, the analyst tells investors in a research note. The firm says Triumph’s “rich” valuation leaves it concerned that the stock is “priced for near perfection,” which could be difficult to achieve for a $5.8B-in-asset bank that still retains balance sheet risk and requires multiple years of execution and investment for its new payments network.