UPDATE: Piper Jaffray Upgrades WABCO Holdings to Overweight

Piper Jaffray raises its rating on WABCO Holdings

to Overweight from Neutral and raises its price target to $69 from $52 a share following the company's guidance released with Q4 results. Piper Jaffray says, "The assumptions that underlie this guidance give us reason for optimism. Namely, the new guidance range is based on a market-wide contraction of 10%-15% in Europe, which we feel is sufficiently conservative to discourage skeptics from dwelling on European downside risk. For WBC to cut expectations in Europe (60% of sales) yet still release in-line guidance speaks volumes about management's confidence in other regions, in our view." WBC closed at $55.50 a share on Thursday.