UPDATE: BMO Capital Markets Initiates WABCO Holdings at Outperform on Profitability, Balance Sheet Flexibility

BMO Capital Markets initiated coverage on WABCO Holdings WBC with an Outperform rating and an $83.00 price target. BMO Capital Markets analyst Joel Tiss wrote, "Given its relatively high profitability and returns, and with a balance sheet sporting net cash, we believe the company has great flexibility to continue developing innovative new products to drive further customer penetration, repurchase shares, and make selective acquisitions that should position the company to continue building shareholder value in almost any end-market environment." WABCO Holdings closed at $70.76 on Monday.