UPDATE: Credit Suisse Initiates Coverage on Westinghouse Air Brake Technologies with Outperform Rating, $99 PT

In a report published Wednesday, Credit Suisse initiated coverage on Westinghouse Air Brake Technologies

with an Outperform rating and a $99.00 price target. Credit Suisse noted, “We are initiating coverage of Wabtec with an outperform rating and a $99 target price. Wabtec is well positioned to benefit from several growth levers, including the safety-focused domestic Positive Train Control (PTC) opportunity, a cyclical upturn in the rail-supply market, and growth/penetration of the emerging mkts. In addition, we believe the company's business model is fairly resilient in the event of a downturn, given over 50% of sales are to the aftermarket. Our target price indicates ~26% upside potential from current levels.” Westinghouse Air Brake Technologies closed on Tuesday at $78.41.