KeyBanc last night upgraded TriMas (TRS) to Overweight from Sector Weight with a $45 price target after hosting meetings with management. The firm left with greater optimism around the company’s forward aerospace demand momentum and opportunities for better margins in Packaging over the longer term. KeyBanc says that while TriMas’ portfolio may pivot to a pure-play packaging mix as the board continues a strategic review, it is “cautiously optimistic” of a slower transition given aerospace’s solid demand visibility into fiscal 2026 and 2027. It believes keeping the aerospace unit through the intermediate term will help TriMas unlock the full potential of its “underappreciated multiple.”
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