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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 Westinghouse Air Brake Technologies Corporation Report (WCC) - Get WESCO International, Inc. Report (JBT) - Get John Bean Technologies Corporation 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.”

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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].”