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CSX

CSX

$49.56

2.63 (5.60%)

, CP

Canadian Pacific

$152.33

-1.45 (-0.94%)

11:45
04/21/17
04/21
11:45
04/21/17
11:45

With Harrison having switched trains, analysts upgrade CSX, cut CP

Two railways names linked by a recent executive change - CSX (CSX) and Canadian Pacific (CP) - are on track for weekly advances after each reported quarterly results earlier this week. However, CSX and Canadian Pacific's reports have sparked different reactions on Wall Street, with analysts upgrading the former to Buy-equivalent ratings and a firm cutting its rating on the latter's shares to Hold. RESULTS: With Hunter Harrison now at the helm of CSX after leaving Canadian Pacific, the former railway operator reported first quarter earnings per share of 51c and revenue of $2.87B, both above consensus. The company also announced a new $1B share repurchase program, which management expects to complete by the end of the first quarter of 2018, and raised its quarterly dividend to 20c per share from 18c. Meanwhile, Canadian Pacific reported first quarter adjusted earnings per share of C$2.50 and revenue of C$1.6B, slightly beating consensus of C$2.48 and C$1.59B, respectively. However, the company said it sees single-digit adjusted diluted earnings per share growth in 2017, with consensus at C$11.51. BUY CSX: In a post-earnings research note, Raymond James analyst Patrick Brown upgraded CSX to Outperform from Market Perform, with a $55 price target, citing a review of the opportunity for the company under its "highly experienced and successful" new CEO Hunter Harrison. While "material value recognition" has already been garnered, the analyst told investors that he believes CSX is at an inflection point and should see significant improvement in service, margins, and free cash flow in coming years. The analyst said the first quarter conference call provided detail on redesign plans and that he is more confident that an improved network can create operational improvements. James noted that he expects the redesigned network will streamline operations and his optimization model suggest sub-60% OR is achievable. In a note of his own, his peer at Aegis also upgraded CSX to Buy from Hold, voicing a similar opinion. Analyst Jeffrey Kauffman pointed out that the quarter provided him with "extreme detail" of Harrison's progress, pointing out that four rails yards are already switching from hump classification to flat switching, and as system velocity and dwell time improves, there are substantial asset utilization savings. Also this morning, Stephens analyst Justin Long raised his price target for CSX to $58 from $44, citing first quarter results and reiterated an Overweight rating on the shares. Meanwhile, UBS analyst Thomas Wadewitz raised his price target on the shares to $60 from $57, noting that after only six weeks since CEO Hunter Harrison started at CSX, the company's 2017 financial guidance and its commentary on the earnings call show that the velocity of change is greater than he had expected. CSX delivered an "upside surprise" regarding the pace of change and cost side improvement, the analyst contended, adding that he continues to believe upside potential is attractive for CSX and would buy the name. MOVING TO THE SIDELINES ON CANADIAN PACIFIC: Conversely, Loop Capital analyst Rick Paterson downgraded Canadian Pacific to Hold from Buy, saying the stock has closed to within 4% of his price target, and that he believes its much vaunted "pivot to growth" will take longer than the market thinks. Additionally, the analyst pointed out that the company's marketing team also needs time to build momentum. Nonetheless, Paterson raised his price target on Canadian Pacific's shares to C$215 from C$210. PRICE TARGET: In late morning trading, shares of CSX have gained about 1.5% to $50.31, while Canadian Pacific shares trading in New York have dropped about 1% to $152.31. For the week, CP shares are on track for a 1.5% advance, while CSX is currently on pace for a weekly gain of over 8%.

CSX

CSX

$49.56

2.63 (5.60%)

CP

Canadian Pacific

$152.33

-1.45 (-0.94%)

  • 05

    Jun

CSX CSX
$49.56

2.63 (5.60%)

04/21/17
UBSW
04/21/17
NO CHANGE
Target $60
UBSW
Buy
CSX upside potential attractive and shares should be bought, says UBS
UBS analyst Thomas Wadewitz noted CSX delivered a Q1 upside surprise. Also, given the earnings commentary, he believes the company's complex network of rails translates into a greater cost savings opportunity as the flow of traffic is simplified and number of work events/touches is reduced. Wadewitz reiterated his Buy rating and raised his price target to $60 from $57 on CSX shares.
04/21/17
AGIS
04/21/17
UPGRADE
Target $64
AGIS
Buy
CSX upgraded to Buy from Hold at Aegis
Aegis analyst Jeffrey Kauffman upgraded CSX to Buy from Hold citing the increased clarity on CEO Hunter Harrison's improvement program following the company's Q1 results and FY guidance. Kauffman also increased his 2020 EPS forecast for CSX and raised his price target on the shares to $64 from $50.
04/21/17
SPHN
04/21/17
NO CHANGE
Target $58
SPHN
Overweight
CSX price target raised to $58 from $44 at Stephens
Stephens analyst Justin Long raised his price target for CSX to $58 from $44 following Q1 results. The analyst reiterates an Overweight rating on the shares.
04/21/17
04/21/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Costco (COST) upgraded to Overweight from Equal Weight at Barclays with analyst Karen Short citing a survey by the firm where results showed analytically that Costco (COST) is "very protected" from Amazon (AMZN). 2. CSX (CSX) was upgraded to Buy from Hold at Aegis and to Outperform from Market Perform at Raymond James. 3. Gigamon (GIMO) upgraded to Buy from Hold at Stifel with analyst Patrick Newton citing valuation and his belief that the company has a number of potential positive catalysts, including the 100G upgrade cycle at T-Mobile (TMUS), in-line SSL decryption, and the potential for reduced competition from Ixia (XXIA). 4. Skechers (SKX) upgraded to Buy from Neutral at B. Riley with analyst Jeff Van Sinderen citing "strong" international growth and worldwide comps following the company's better than expected first quarter results. The analyst raised his price target for the shares to $32 from $28. 5. Quest Diagnostics (DGX) upgraded to Outperform from Market Perform at Raymond James with analyst Nicholas Jansen saying Quest has delivered two strait quarters of high single digit adjustment EBIT growth and sees room for sustained mid-to-high single digit growth driven by improved commercial execution, strengthening health system relationships and outreach deals, and invigorate programs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
CP Canadian Pacific
$152.33

-1.45 (-0.94%)

03/06/17
FBCO
03/06/17
NO CHANGE
Target $168
FBCO
Outperform
Canadian Pacific price target raised to $168 from $162 at Credit Suisse
Credit Suisse analyst Allison Landry raised her price target for Canadian Pacific to $168 from $162 on valuation. The analyst has increased conviction in railroads, while tax reform implications may be underappreciated for the U.S. She reiterates an Outperform rating on the shares.
03/13/17
WELS
03/13/17
INITIATION
WELS
Outperform
Canadian Pacific initiated with an Outperform at Wells Fargo
03/15/17
WOLF
03/15/17
NO CHANGE
WOLF
Wolfe cuts Railroads to Market Weight, downgrades Norfolk Southern
Wolfe Research analyst Scott Group downgraded the Railroad sector to Market Weight from Overweight saying the risk/reward profiles are more balanced following the recent expansion of valuations. Group coupled the sector cut with a downgrade of Norfolk Southern (NSC) to Peer Perform from Outperform. The analyst thinks the company's operating ratio improvement could disappoint relative to CSX (CSX). He believes CSX has the best earnings story in the space under CEO Hunter Harrison.
04/21/17
LOOP
04/21/17
DOWNGRADE
LOOP
Hold
Canadian Pacific downgraded to Hold from Buy at Loop Capital
Loop Capital analyst Rick Paterson downgraded Canadian Pacific (CP) to Hold from Buy based on his view that the company's pivot to growth will take longer than widely thought, as it may take a while to win business away from Canadian National (CNI). However, Paterson raised his price target on Canadian Pacific shares to C$215 from C$210.

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