TBK - Triumph Bancorp stock climbs after B. Riley upgrades due to HubTran deal

Triumph Bancorp (TBK) jumps 11% after B. Riley analyst Steve Moss upgrades to stock to Buy from Neutral, reflecting its acquisition of HubTran that will transform its business model."The new business model has the potential longer term to generate several hundred million in revenue, that is balance sheet light and warrants a sharply higher multiple in our view," writes Moss in a note.The acquisition will result in a payment network that handles $33B in volume and should turn TriumphPay into open-loop payment network that will seek to collect interchange income with an addressable market of $150B-$175B, he analyst explained.Boosts price target to $110 from $85; the new target values bank at $56 and TriumphPay at $54.

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Triumph Bancorp stock climbs after B. Riley upgrades due to HubTran deal