- Raymond James analyst Patrick Tyler Brown initiated coverage of Westinghouse Air Brake Technologies Corp (NYSE:WAB) (Wabtec) with an Outperform rating and a price target of $103, implying an upside of 8.4%.
- The analyst believes Wabtec’s multi-year growth algorithm is underappreciated owing to a slew of accelerating secular tailwinds, including a substantial runway for locomotive fleet renewal needs and global decarbonization benefits.
- Brown suspects early signs of a cyclical recovery in key N.A. freight markets — rising locomotive utilization/railcars in storage declining — should reignite revenue growth into FY23-FY25 off cyclical lows, notably different from the truck machinery cycle.
- The analyst appreciates Wabtec’s heightened European exposure and the stock’s historically strong correlation to movements in commodity prices, bears monitoring closely, which he sees a positive risk/reward with the stock trading at ~17x 2023 EPS estimate.
- Price Action: WAB shares are trading higher by 0.49% at $95.13 on the last check Thursday.
‘Ron Baron, Big Tesla Shareholder, Supports Elon Musk’s $56B Pay Package’ – CNBC
https://www.cnbc.com/2024/06/05/ron-baron-big-tesla-shareholder-supports-elon-musks-56-billion-pay-package.html Billionaire investor Ron Baron, longtime Tesla bull and shareholder, wrote an open letter in support of
