UPDATE: Stifel Nicolaus Initiates Wabtec Corporation at Hold on Valuation

Stifel Nicolaus initiated coverage on Westinghouse Air Brake Technologies Corporation WAB with a Hold rating. Stifel Nicolaus commented, "High quality holding, in our view: However, we believe the company's shares represent an attractive longer-term holding, and we believe Wabtec is one of the highest quality names within our broad transportation and logistics coverage universe. In addition, as our fair value estimate implies, some upside potential remains relative to the most recent trading price, despite the shares hitting fresh all-time highs in January 2013. We would potentially revisit our rating should the company's shares trade down to $80 or below, all else being equal." Wabtec Corporation closed at $89.20 on Thursday.