UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Canadian National Railway Ahead of Investor Day

In a report published Wednesday, Credit Suisse analyst Allison M. Landry reiterated a Neutral rating on

, and raised the price target from $100.00 to $105.00. In the report, Credit Suisse noted, “We have raised our FY13 EPS estimate to $6.18 from $6.08. Our FY14 and FY15 EPS forecasts are $6.83 and $7.50 (from $6.63 and $7.23). Our DCF-derived 12-month target price is $105 (from $100), due to a lower discount rate and a lower share count assumption. CNI reported adj. 3Q13 EPS of $1.72, which was above our estimate and the consensus of $1.62. Revenues were ~2% higher than expected, and the O.R. was 60 bps better (59.8% vs. 60.4%). A lower adj. tax rate (27.6% vs. our 29.0%) helped EPS by ~$0.03 vs. our forecast.” Canadian National Railway closed on Tuesday at $106.72.