BofA raised the firm’s price target on Wabtec (WAB) to $212 from $178 and keeps a Buy rating on the shares after the company announced it finalized a $405M agreement to supply Evolutions Series locomotives to Kazakhstan Temir Zholy, or KTZ, with deliveries set to begin in 2025. The firm, which believes the deal highlights Wabtec’s growing International Freight portfolio and backlog momentum, increased its Q3 EPS estimate 1% to $1.86 and notes that its 2024 EPS estimate of $7.45 moves toward the high end of the company’s $7.20-$7.50 target ahead of the company’s Q3 report due on Wednesday, October 23.
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