Wabtec price target raised to $185 from $155 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Wabtec to $185 from $155 and keeps an Overweight rating on the shares. The firm notes Wabtec’s shares outperformed following its Q1 2024 results and FY24 guidance increase. KeyBanc thinks the NA locomotive cycle is at trough and should benefit from Class 1 fleet transitions over time. Further, it believes the international business is solid, and there is room for additional margin expansion in Transit.