UPDATE: Stifel Initiates Coverage on Wabash National on Good Upside Potential

In a report published Tuesday, Stifel analyst Michael Baudendistel initiated coverage on

with a Buy rating and $13.00 price target. In the report, Stifel noted, “We are initiating coverage of Wabash National Corp. with a Buy rating on the company's common shares. We are establishing a target price of $13 (or 11.0x our 2015 EPS estimate of $1.15) which provides 19% upside potential, which is enough to warrant a Buy rating. We expect Wabash National to be among the primary beneficiaries of a multi-year trailer replacement cycle as carriers upgrade old equipment in need of replacement. The 2012 acquisition of Walker Group Holdings, LLC provided an entry point into the higher-margin, higher-growth, and less cyclical tank trailer marketplace.” Wabash National Corporation closed on Monday at $10.73.