Wabtec price target raised to $291 from $285 at BofA

BofA analyst Ken Hoexter raised the firm’s price target on Wabtec (WAB) to $291 from $285 and keeps a Buy rating on the shares after Q1 results. The firm cited robust backlog, recurring revenues, digital opportunity and margin improvement focus for the price target bump. BofA told investors the Q1 beat compared to its targets was aided by transit, a lower tax rate and above-target below-the-line other income, offsetting impacts from below-target freight, other operating income and above-target interest expense.