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B. Riley Securities analyst Sarkis Sherbetchyan initiated coverage of Trinity Capital with a Buy rating and $16.50 price target. The analyst sees potential for total return of 20%, including the $1.08 per share annualized dividend. Demand for venture debt solutions should grow alongside the level of venture investment activity, Sherbetchyan tells investors in a research note. The analyst believes Trinity has an opportunity to finance viable entities while generating attractive risk-adjusted returns.

UBS analyst Brock Vandervliet initiated coverage of Trinity Capital with a Buy rating and $17 price target. The stock's valuation sets up the company for "material upside", the analyst tells investors in a research note. Trinity Capital has been operating for 12 years and has been able to drive unlevered returns in the high teens while delivering loss rates that "rival that of high quality commercial banks" over the same time period, Vandervliet adds.

Janney Montgomery Scott analyst Mitchel Penn initiated coverage of Trinity Capital with a Buy rating and $15 price target. The analyst believes Trinity can generate a 12.0% return on equity with a cost of capital of 10.5%, resulting in a fair value estimate of $15 per share.

Ladenburg analyst Christopher Nolan initiated coverage of Trinity Capital with a Neutral rating and no price target. The company is one of four publicly traded business development companies, or BDCs, focused exclusively on venture debt lending, which Nolan calls "a specialized and growing lending niche with attractive yields and barriers to entry to non-specialist competitors." While he thinks Trinity is strategically well positioned to grow given strong fund inflows and equity valuation appreciation in the venture capital sector, Nolan notes that the stock's price/NAV ratio is near the median of its three venture debt BDC peers while the company's dividend yield is currently lower than theirs.

Wells Fargo analyst Finian O'Shea initiated coverage of Trinity Capital (TRIN) with an Overweight rating and $16 price target. Trinity has delivered contained credit loss rates over time and he expects that the shares will continue to trade at a premium to net asset value and "enjoy the benefit of accretive equity growth" should that continue, O'Shea tells investors. In addition, Trinity holds warrants in the parent of Lucid Motors, which has announced its intention to merge with the Churchill Capital Corp IV (CCIV) SPAC and "may have considerable option-like value" for Trinity, O'Shea said.

B. Riley Securities initiated coverage of Trinity Capital with a Buy rating and $16.50 price target.

Keefe Bruyette analyst Ryan Lynch initiated coverage of Trinity Capital with an Outperform rating and $17.50 price target. The analyst says the venture lender has a "strong" track record.