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CSX

CSX

$71.17

-8.4 (-10.56%)

, UNP

Union Pacific

$164.98

-10.12 (-5.78%)

13:01
07/17/19
07/17
13:01
07/17/19
13:01

Cascend downgrades four rails on weakening intermodal traffic

Cascend Securities downgraded four names in the rail space, CSX (CSX), Norfolk Southern (NSC), Kansas City Southern (KSU), and Union Pacific (UNP), to Hold after three years at Buy. Intermodal traffic is down since February, and it doesn't look like a "pause," Cascend tells investors in a research note. Further, industrial equipment imports into the U.S. has suddenly declined sharply, adds the firm, which notes that CSX last night called the economic backdrop "puzzling."

CSX

CSX

$71.17

-8.4 (-10.56%)

UNP

Union Pacific

$164.98

-10.12 (-5.78%)

KSU

Kansas City Southern

$117.42

-5.41 (-4.40%)

NSC

Norfolk Southern

$193.18

-13.35 (-6.46%)

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    Nov

CSX CSX
$71.17

-8.4 (-10.56%)

07/17/19
FBCO
07/17/19
NO CHANGE
Target $86
FBCO
Outperform
CSX price target lowered to $86 from $92 at Credit Suisse
Credit Suisse analyst Allison Landry lowered her price target for CSX to $86 from $92 as the company lowered its 2019 revenue guide. The analyst reiterates an Outperform rating on the shares.
07/17/19
RBCM
07/17/19
NO CHANGE
Target $75
RBCM
Sector Perform
CSX price target lowered to $75 from $78 at RBC Capital
RBC Capital analyst Walter Spracklin lowered his price target on CSX to $75 and kept his Sector Perform rating after its weaker than expected Q2 results and a cut in revenue guidance, which he expects to have a "pronounced negative impact" on the stock price and across the rail sector. The analyst cites the commentary from CSX CEO referring to the current economic backdrop as "the most puzzling I have experienced in my career" in evidence of the prevailing macro risk for the company going forward. Spracklin adds that the muted earnings growth potential, along with the negative implied return of his price target, warrants a neutral stance on the stock.
07/17/19
07/17/19
DOWNGRADE

CSX downgraded to Hold from Buy at Cascend Securities
07/17/19
SPHN
07/17/19
DOWNGRADE
Target $79
SPHN
Equal Weight
CSX downgraded to Equal Weight on revenue headwinds at Stephens
As previously reported, Stephens analyst Justin Long downgraded CSX to Equal Weight from Overweight after the company reported Q2 results that missed consensus, reduced its revenue guidance and provided more muted commentary on demand. Given headwinds from a softer economy, loose truckload capacity, weaker coal fundamentals, the loss of a crude-by-rail customer that represented 1% of volumes and tougher comps, Long said he thinks revenue trends could remain under meaningful pressure for six to twelve months. He cut his price target on CSX shares to $79 from $86.
UNP Union Pacific
$164.98

-10.12 (-5.78%)

07/17/19
CKCP
07/17/19
DOWNGRADE
CKCP
Union Pacific downgraded to Hold from Buy at Cascend Securities
06/17/19
BERN
06/17/19
DOWNGRADE
Target $177
BERN
Market Perform
Union Pacific downgraded to Market Perform from Outperform at Bernstein
Bernstein downgraded Union Pacific to Market Perform from Outperform and lowered its price target for the shares to $177 from $190.
06/17/19
06/17/19
DOWNGRADE
Target $177

Market Perform
Union Pacific downgraded to Market Perform at Bernstein
As previously reported, Bernstein analyst David Vernon downgraded Union Pacific to Market Perform from Outperform and lowered its price target on the shares to $177 from $190. The analyst believes is not worth playing in a down freight market as rail stocks do not work in a down truck market.
07/10/19
GSCO
07/10/19
INITIATION
Target $198
GSCO
Buy
Union Pacific initiated with a Buy at Goldman Sachs
Goldman Sachs analyst Jordan Alliger started Union Pacific with a Buy rating and $198 price target. The analyst thinks shares of Union Pacific still offer upside in the context of its recent implementation of PSR. The company should generate near the high end of rail operating rail improvement in 2019-2021, Alliger tells investors in a research note.
KSU Kansas City Southern
$117.42

-5.41 (-4.40%)

04/18/19
LOOP
04/18/19
NO CHANGE
Target $142
LOOP
Buy
Kansas City Southern price target raised to $142 from $132 at Loop Capital
Loop Capital analyst Rick Paterson raised his price target on Kansas City Southern to $142 and kept his Buy rating after its Q1 earnings beat, saying the company should be able to get its "operations right this time". The analyst notes that Kansas City Southern has been through "numerous cycle" of meaningful improvement that "subsequently relapsed, squandering customer goodwill and growth opportunities." Paterson believes however that the latest upswing in service quality can be sustained with the adoption of Precision Scheduled Railroading and the appointment of a new EVP of PSR, Sameh Fahmy.
07/17/19
07/17/19
DOWNGRADE

Kansas City Southern downgraded to Hold from Buy at Cascend Securities
06/13/19
LEHM
06/13/19
DOWNGRADE
Target $170
LEHM
Equal Weight
Union Pacific downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Brandon Oglenski downgraded Union Pacific (UNP) to Equal Weight from Overweight and lowered his price target for the shares to $170 from $190. The analyst also cut his Transportation sector view to Neutral saying he sees "real fundamental challenges set against high market expectations." Railroad equities are not properly discounting recent headwinds from softer demand and "lower supply chain urgency" across North America, Oglenski tells investors in a research note. Further, he sees increasing risk that tariff driven inflation could "damp consumer consumption" later this year, at least in the U.S. As a result, Oglenski suggests investors take some Transportation exposure off the table. He keeps Equal Weight ratings on Canadian National (CNI), Kansas City Southern (KSU) and Norfolk Southern (NSC) as well as Overweight ratings on Canadian Pacific (CP) and CSX (CSX).
06/12/19
DBAB
06/12/19
NO CHANGE
DBAB
Deutsche lowers estimates for U.S. Class 1 Rails, keeps Buy ratings
Deutsche Bank analyst Amit Mehrotra lowered his Q2 earnings forecasts by 4% on average, taking him below consensus for all the U.S. Class 1 Rails - CSX (CSX), Kansas City Southern (KSU), Norfolk Southern (NSC) and Union Pacific (UNP). The analyst is in-line with the consensus for Canadian National (CNI) and above consensus for Canadian Pacific (CP). Despite the estimate cuts, Mehrotra remains positive on Rail stocks, reflecting the sector's "volume-agnostic" cost opportunity. He lowered his price target for CSX to $87 from $89, for Kansas City Southern to $138 from $142, for Norfolk Southern to $196 from $198 and for Union Pacific to $197 from $200. The analyst keeps Buy ratings on all four names.
NSC Norfolk Southern
$193.18

-13.35 (-6.46%)

07/17/19
07/17/19
DOWNGRADE

Norfolk Southern downgraded to Hold from Buy at Cascend Securities
07/10/19
GSCO
07/10/19
INITIATION
Target $237
GSCO
Conviction Buy
Norfolk Southern initiated with a Conviction Buy at Goldman Sachs
Goldman Sachs analyst Jordan Alliger started Norfolk Southern with a Buy rating and added the shares to the firm's Americas Conviction List. Alliger put a $237 price target on the shares. Norfolk shares still offer upside in the context of the company's recent PSR implementation, the analyst tells investors in a research note. He believes the company remains the rail with the most to gain from PSR in terms of moving its operating ratio closer to current industry norms.

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TPR

Tapestry

$24.69

-1.28 (-4.93%)

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PUBGY

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$0.00

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, DIS

Disney

$129.71

-0.37 (-0.28%)

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ALXN

Alexion

$99.63

0.37 (0.37%)

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WDC

Western Digital

$59.26

0.9 (1.54%)

, AAPL

Apple

$237.68

1.47 (0.62%)

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HUM

Humana

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GNUS

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$NSD

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$NYE

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WLL

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