UPDATE: Sterne Agee Lowers PT on Greenbrier on Reflecting Lower Deliveries

In a report published on Monday, Sterne Agee analyst Sal Vitale lowered the price target on Greenbrier GBX from $28 to $27 and maintained a Buy rating.

In the report, Sterne Agee stated, "3Q GM suffered from several short-term events--including delays in increasing output on a recently started tank car production line, a wildcat strike, and start-up costs on a new car type--that we believe are temporary, and do not reflect margin expansion potential in F'14 and F'15. We continue to expect broad-based non-tank car backlog growth over the next two years."

Greenbrier closed on Friday at $21.49.