Stephens analyst Matt Olney lowered the firm’s price target on Triumph Financial to $58 from $63 and keeps an Equal Weight rating on the shares. Given how the growth rate of TriumphPay clients slowed in late 2022, the firm’s updated forecast assumes a more moderate ramp of TriumphPay volumes in 2023-2024, though Stephens adds that it believes TriumphPay can achieve its 2023 EBTIDA guidance based on contractual clients that are currently onboarding.
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