Wabtec price target raised to $155 from $133 at KeyBanc

KeyBanc raised the firm’s price target on Wabtec to $155 from $133 on higher estimates, while keeping an Overweight rating on the shares. The firm notes shares were down 1.0% vs. the SPX’s 1.0% increase following its Q4 results and conference call. KeyBanc thinks the reaction was a function of Wabtec’s modest Q4 miss and guidance generally in line with consensus. That said, it believes the company’s guidance could be conservative given 2023’s 7% order growth and record NTM backlog of $7.5B.