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Bipartisan Infrastructure Package: What Is In it?
Bipartisan Infrastructure Package: What Is In it?

Wesco and Enerpac Among Infrastructure Picks at Wells Fargo

Westinghouse Air Brake and John Bean join Wesco and Enerpac as 'the most immediate and direct beneficiaries' of the infrastructure bill.
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Wells Fargo lists four industrial stocks as “the most immediate and direct beneficiaries” of the new infrastructure spending law:  (WAB) - Get Free Report,  (WCC) - Get Free Report,  (JBT) - Get Free Report and EPAC.

That’s Westinghouse Air Brake Technologies, Wesco International, John Bean Technologies and Enerpac Tool. 

Westinghouse Air Brake recently traded at $96.14, up 2%; Wesco was at $138.25, up 1%; John Bean traded at $165.52, little changed; and Enerpac was at $23.45, up 3%. The S&P 500 firmed 0.18%.

Westinghouse is a Pittsburgh freight and transit company, Wesco is a Pittsburgh logistics company, John Bean is a Chicago food and aerospace technology company and Enerpac is a Menomonee Falls, Wis., specialty machinery company.

“WAB is a direct beneficiary of the $39 billion transit funding,” wrote Wells analyst Allison Poliniak-Cusic. “It's not clear how funds will be allocated. However, prior [government] injections … have proven to accelerate WAB's project-related growth.”

Meanwhile, “reports indicate 18 million to 43 million Americans lack access to broadband,” she wrote. 

“The $65 billion in incremental funding follows the [Federal Communications Commission's] $20 billion committed spend through the Rural Digital Opportunity Fund.”

WCC benefits from partnering with utilities, municipalities and telecommunications companies, Poliniak-Cusic said.

Also, “as the No. 1 domestic supplier of gateway passenger bridges and ground support equipment, JBT is a clear beneficiary of … the $25 billion in airport infrastructure [assistance],” she said.

Finally, “we view EPAC as a clear winner on multiple fronts, most notably $110 billion in roads and bridges [assistance] and $66 billion in rail infrastructure [assistance].”