Wabtec price target raised to $308 from $240 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Wabtec (WAB) to $308 from $240 and keeps an Overweight rating on the shares. The firm notes shares rose amid a solid beat, ongoing momentum in its International markets, continued margin expansion in Transit, and upcoming benefits from M&A. KeyBanc thinks the largest opportunity for Wabtec in the medium term is a North American fleet renewal cycle and thinks the company’s visibility and sale growth track record should enable double digit EPS growth through the decade.