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Fly News Breaks for November 18, 2015
CSX, CP, NSC
Nov 18, 2015 | 07:24 EDT
Citi analyst Christian Wetherbee calls Canadian Pacific's (CP) $95 per share acquisition offer for Norfolk Southern (NSC) a "low-ball bid designed to further the dialogue." The offer is a starting point as opposed to an ending point, Wetherbee tells investors in a research note. An offer of $104 per share has a much better chance of gaining shareholder and board support, the analyst contends. He believes shares of Norfolk Southern should trade in a range of $92-$96 and recommends investors focus on CSX (CSX). Wetherbee keeps Buy ratings on CSX and CP and a Neutral rating on Norfolk. He upped his price target for the latter to $96 from $86.
News For NSC;CP;CSX From the Last 2 Days
CP
Mar 28, 2024 | 07:23 EDT
Susquehanna analyst Bascome Majors lowered the firm's price target on Canadian Pacific Kansas City to $84 from $85 and keeps a Neutral rating on the shares. The firm reviewed the rail industry for the upcoming Q1 earnings season and said the firm remains selectively constructive as the rail industry shows cyclical stability into 2Q, but they are actively looking for mid-term entry points on short-term stumbles. They noted Q1 is ending similarly to the way it started; comfortable with slow but stable volumes, and enthusiastic about the rails' pricing power relative to deepening rate-driven pain in truckload. They said with greater conviction in cyclical stability they raised target multiples across the U.S. rails.
CSX
Mar 27, 2024 | 08:04 EDT
JPMorgan analyst Brian Ossenbeck anticipates intermodal shipments will divert away from the Port of Baltimore following the Francis Scott Key bridge collapse to other Eastern ports. The impact for rail auto volumes appears minimal given the activity at the port is primarily contained to local markets served by truck, the analyst tells investors in a research note. The firm thinks the biggest negative impact will be on export coal volume for CSX which is shipped from the Curtis Bay terminal in the area while Norfolk could pick up some volume if it is diverted to Hampton Road. The ultimate impact will depend on how quickly the port resumes operations and at this point the U.S. government has already made a statement supporting the reconstruction, JPMorgan says.
NSC
Mar 26, 2024 | 08:59 EDT
Ohio-based Ancora Holdings Group announced that it is filing a definitive proxy statement with the U.S. Securities and Exchange Commission in connection with its nomination of seven highly qualified director candidates for election to the Company's Board of Directors at the 2024 Annual Meeting of Shareholders scheduled for May 9. Additionally, Ancora sent a letter to shareholders regarding its leadership team's three-year path to superior performance and significant value creation at Norfolk Southern.