Jefferies analyst Saree Boroditsky maintained a Buy rating on Westinghouse Air Brake Technologies (WAB – Research Report) yesterday and set a price target of $160.00.
Saree Boroditsky’s rating is based on a combination of factors that suggest a positive outlook for Westinghouse Air Brake Technologies (WAB) going into 2024. The company has a strong near-term (NTM) backlog, which offers a clear view of its earnings potential in a time of economic uncertainty and also presents opportunities for growth through strategic capital deployment. Moreover, the company’s initiatives, such as Integration 2.0 and product line refinement, are anticipated to enhance margins, which strengthens the case for a Buy rating.
The demand for WAB’s equipment and modifications remains robust, particularly driven by new locomotive orders and the modernization of existing ones. Factors such as the North American freight rail sector’s recovery from a low investment phase and stringent emission regulations in regions like California act as additional tailwinds. International markets also show strong demand, with infrastructure investments across various regions. The company’s proactive capital management, including a significant share repurchase authorization, suggests a shareholder-friendly approach that is likely to benefit earnings per share and underpins Boroditsky’s Buy recommendation for WAB’s stock.
In another report released today, Susquehanna also maintained a Buy rating on the stock with a $160.00 price target.
WAB’s price has also changed moderately for the past six months – from $114.130 to $135.090, which is a 18.37% increase.
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Westinghouse Air Brake Technologies (WAB) Company Description:
Westinghouse Air Brake Technologies Corp. engages in the provision of equipment, systems, and value-added services for the rail industry. It operates through the following segments: Freight and Transit. The Freight segment involves in the manufacture and offers services components for new and existing locomotives and freight cars; supplies rail control and infrastructure products such as electronics, positive train control equipment, and signal design and engineering services; overhauls locomotives; and provides heat exchangers and cooling systems for rail and other industrial markets. The Transit segments includes the manufacture and providing services components for new and existing passenger transit vehicles, including regional trains, high speed trains, subway cars, light-rail vehicles, and buses; supplies rail control and infrastructure products such as electronics, positive train control equipment, and signal design and engineering services; builds new commuter locomotives; and renovate passenger transit vehicles. The company was founded in 1869 and is headquartered in Pittsburgh, PA.
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