Jefferies & Co. Raises Price Target on TriMas Corp. (TRS)

Jefferies & Company is out with a research report this morning, where it reiterates its Hold rating on TriMas Corp. TRS; it also raised its price target to $14.00, from $10.00. The Jefferies analysts cited the company’s recent earnings report, which was well above expectations due to strong revenues in its Cequent business. Better gross margins also contributed to the beat. The analysts added that, excluding the Aerospace and Defense segment, the other 4 segments reported double digit year over year revenue growth. Cequent remains the largest single business segment, which grew by 830 basis points year over year. As for valuation, they remarked, “Our $14 target is based on a 13x P/E of our 2010E EPS estimate, which is at the mid-point of the company's ten-year range.”