Deutsche Bank Starts Wabtec (WAB) at Buy
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Deutsche Bank initiated coverage on Wabtec (NYSE: WAB) with a Buy rating and a price target of $90. Analyst Saree Boroditsky called the stock a "misunderstood story in the SMID machinery space."
"The stock has been under pressure in the past year as the company faced multiple headwinds starting in late 2015. However, despite lower freight capex, we expect to see organic growth inflect in ’17 from higher freight aftermarket, transit, and positive train control revenues. Additionally, pending regulatory approval, we estimate the Faiveley acquisition could add an incremental 10% of EPS to our current 2017 forecast. As a result, we expect positive earnings revisions into next year which supports our $90 price target," said Boroditsky.
Shares of Wabtec closed at $76.66 yesterday.
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