BofA raised the firm’s price target on Wabtec (WAB) to $226 from $225 and keeps a Buy rating on the shares after the company acquired Evident’s Inspection Technologies unit. The firm noted that the acquisition doubles Wabtec’s Digital Intelligence Business total addressable market to roughly $16B from $8B, and that the deal strengthens Wabtec’s portfolio, accelerates its penetration into high growth industrial markets, and aligns with the company’s move to accelerate strategic and tuck-in M&A with its increasing cash flow.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on WAB:
- Wabtec to Acquire Evident for $1.78 Billion
- Wabtec to acquire Evident’s Inspection Technologies division for $1.78B
- North American rail traffic down 0.2% for the week ending January 4
- Wabtec acquires Bloom Engineering for $69M cash in ‘immediately accretive’ deal
- North American rail traffic up 1.5% for the week ending December 14