Morgan Stanley initiated coverage of Wabtec with an Overweight rating and $137 price target. Despite its outlook for a peaking U.S. Non-Resi cycle and uncertain macro backdrop, the firm sees “ample high conviction investment ideas within Machinery,” the analyst tells investors while rolling out coverage of the sector. The firm expects the largest Machinery end-market of U.S. Non-Resi to peak in 2024/25, but sees attractive risk-rewards across various other end-markets that it thinks may be troughing, such as trucks and locomotives, the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on WAB:
- North American rail traffic up 4.4% for the week ending December 30
- North American rail traffic up 23.3% for the week ending December 23
- North American rail traffic up 5.7% for the week ending December 16
- Wabtec price target raised by $12 at BofA, here’s why
- Wabtec price target raised to $128 from $116 at BofA