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Westinghouse Re-Rating Likely to Continue, Morgan Stanley Says

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Westinghouse Air Brake Technologies (WAB) shares should re-rate further on strong backlog and large order prospects, Morgan Stanley said in a note Thursday after Q2 results beat.

"On top of record backlog levels, strong conviction in additional large orders provides visibility into earnings in 2027 and beyond," the report said. "Shares should continue to re-rate higher from here."

The note pointed to an all-time high in backlog of $30.9 billion, up 41.7% from a year ago, with existing and incremental order announcements expected to bolster 2027 setup.

The report also said its core fundamentals like carload growth appear to be turning positive, strengthening its flow business not already reflected in backlog.

Morgan Stanley boosted its price target to $355 from $318 while reiterating its overweight rating.

Price: $296.93, Change: $+6.93, Percent Change: +2.39%

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