UPDATE: Sterne Agee Upgrades Greenbrier Companies to Buy, Raises PT on Expected Robust Growth

In a report published Tuesday, Sterne Agee analyst Sal Vitale upgraded the rating on Greenbrier Companies GBX from Neutral to Buy, and raised the price target from $16.00 to $28.00. In the report, Vitale noted, “We are upgrading GBX to Buy from Neutral due to: (1) strong growth in high-margin backlog; (2) improved non-tank car order flow; and (3) GBX's margin improvement initiative. We believe these factors will drive robust growth through the peak of the cycle in calendar '15/'16.” Greenbrier Companies closed on Monday at $21.74.