UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Canadian National Railway
In a report published Wednesday, Credit Suisse reiterated its Neutral rating on Canadian National Railway (NYSE: CNI), but lowered its price target from $92.00 to $90.00.
Credit Suisse noted, “CNI reported Q3 EPS of $1.52 which was in line with consensus and ahead of our $1.48 estimate. However, the 'beat' relative to our estimate came from higher 'other' income and a lower tax rate as operating profit was just 30 bps (or $3 million) higher. The lower tax rate (27.7% vs. 29.0%) added two pennies relative to our estimate.”
Canadian National Railway closed on Tuesday at $86.99.
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Tags: Credit Suisse