UPDATE: Credit Suisse Lowers PT on Canadian National Railway on Trimmed FY13 EPS Estimate

In a report published Tuesday, Credit Suisse analyst Christopher J. Ceraso reiterated a Neutral rating on Canadian National Railway

, but lowered the price target from $98.00 to $96.00. In the report, Ceraso noted, “We are trimming our FY13 EPS estimate to $6.09 from $6.11. Our FY14 and FY15 EPS forecasts are $6.63 and $7.18 (from $6.65 and $7.20). Our 12-month DCF-based target price is $96 (from $98), leaving just 1% upside...CNI reported adjusted 1Q13 EPS of $1.22 (excl. an $0.08/sh gain), vs. our estimate of $1.17 and the consensus of $1.21. Revenues were in line, while the O.R. of 68.4% was 20 bps worse than our forecast. A lower adj. tax rate (25.1% vs. our 29%) explained the majority of the 5 cent beat versus our forecast.” Canadian National Railway closed on Monday at $95.16.