UPDATE: BMO Capital Markets Initiates Wabash National at Outperform on Valuation, Solid Execution

BMO Capital Markets initiated coverage on Wabash National

with an Outperform rating and a $12.00 price target. BMO Capital Markets analyst Joel Tiss commented, "We are initiating coverage of Wabash National with an Outperform rating and $12 price target based on an 11x P/E multiple on our 2014 EPS estimate of $1.10. We believe the combination of operating efficiencies, integration of the 2012 acquisition of Walker, some carryover from a large price increase in 2012, and a stronger focus on operational efficiencies should drive internal profit improvement. Furthermore, the advanced age of the trailer fleet and overall pent up demand in the commercial truck market could allow for surprise to the upside over the next few years." Wabash National closed at $10.23 on Monday.