Triumph Group downgraded two levels to ‘underperform’ at BofA

Aircraft equipment manufacturer Triumph Group was downgraded two levels to ‘underperform’ by analysts at Bank of America. It came down from a previous ‘buy’ investment rating. Analysts said the group had made transformative efforts that have “resulted in a leaner, more focused portfolio”. Triumph had recently divested its product support business to AAR in March this year. AAR reported strong first fiscal quarter results, citing the product support business as exceeding expectations. However, the BofA analysts added: “The changes are being overshadowed by [Triumph’s] reliance on uncertain aircraft production rates by Boeing and Airbus.” The analysts said it is concerned