KeyBanc Upgrades Westinghouse Air Brake Technologies (WAB) to Buy
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KeyBanc upgrades Westinghouse Air Brake Technologies Corp. (NYSE: WAB) from Hold to Buy with a $41 price target, saying the Q1 report was "Impressive" with strong margin expansion.
The firm said, "WAB was able to achieve operating margin expansion beyond both our expectations and its year-over- year comparison, reporting consolidated operating margin for the quarter of 14.7% vs. 1Q08 at 14.1% and our expectation of 12.0%. We find this performance impressive given what was likely a double-digit volume decline in WAB's legacy freight business, offset by an unspecified revenue contribution from its Standard Car Truck acquisition."
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