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NSC

Norfolk Southern

$184.87

-3.98 (-2.11%)

, CSX

CSX

$72.19

-0.1 (-0.14%)

15:35
10/23/19
10/23
15:35
10/23/19
15:35

BofA downgrades Norfolk Southern to Neutral on slower than expected PSR progress

BofA/Merrill analyst Ken Hoexter downgraded Norfolk Southern (NSC) to Neutral from Buy with an unchanged price target of $198. The benefits from its Precision Scheduled Railroad, or PSR, implementation are not materializing as fast as he expected and the company said it would not reach its 100 basis point operating ratio improvement target in 2019, although it reiterated confidence in achieving a 60% operating ratio by 2021, said Hoexter. Norfolk Southern's 63.8% operating ratio, when adjusted for the 110 basis points negative impact of a write-off of a receivable resulting from a legal dispute, compares with CSX (CSX) at 59.0% ex-real estate gains, Kansas City Southern (KSU) at 60.7%, Union Pacific (UNP) at 59.5%, and Canadian National (CNI) at 57.9%, Hoexter pointed out.

NSC

Norfolk Southern

$184.87

-3.98 (-2.11%)

CSX

CSX

$72.19

-0.1 (-0.14%)

KSU

Kansas City Southern

$146.06

1.02 (0.70%)

UNP

Union Pacific

$169.56

-1.26 (-0.74%)

CNI

Canadian National

$89.06

-0.8 (-0.89%)

  • 23

    Oct

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    Nov

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    Nov

  • 22

    Nov

NSC Norfolk Southern
$184.87

-3.98 (-2.11%)

07/17/19
07/17/19
DOWNGRADE

Norfolk Southern downgraded to Hold from Buy at Cascend Securities
10/23/19
BOFA
10/23/19
DOWNGRADE
BOFA
Neutral
Norfolk Southern downgraded to Neutral from Buy at BofA/Merrill
10/04/19
JPMS
10/04/19
NO CHANGE
JPMS
JPMorgan downgrades CSX and Echo Global, upgrades Hub Group
JPMorgan analyst Brian Ossenbeck downgraded both CSX (CSX) and Echo Global (ECHO) to Neutral from Overweight while upgrading Hub Group (HUBG) to Overweight from Neutral. The analyst sees downside risk to 2020 consensus estimates across the Transportation & Logistics sector. However, the truckload carriers should navigate the revisions well as the full truckload rate cycle gains momentum with help from the full implementation of electronic logging devices in mid-December, Ossenbeck tells investors in a research note. His upgrade of Hub Group to Overweight reflects his preference to add full truckload rate exposure at a "reasonable valuation." Further, the company's diverse business model should continue beating expectations in 2020, contends the analyst, who notes that Hub is now his top SMID cap idea. Ossenbeck's downgrade of Echo is based on expectations for continued margin compression in 2020 from its increasing tech investments and narrowing contract/spot spreads. His downgrade of CSX is based on valuation after the company's "tremendous run." The analyst's top rail pick remains Norfolk Southern (NSC).
07/17/19
CSND
07/17/19
DOWNGRADE
CSND
Hold
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
$72.19

-0.1 (-0.14%)

10/04/19
JPMS
10/04/19
DOWNGRADE
Target $76
JPMS
Neutral
CSX downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Brian Ossenbeck downgraded CSX to Neutral from Overweight with a price target of $76, down from $83.
10/18/19
ARGS
10/18/19
NO CHANGE
Target $82
ARGS
Buy
Recent weakness in CSX offers buying opportunity, says Argus
Argus analyst John Eade is keeping his Buy rating and $82 price target on CSX after its Q3 earnings beat this week. The analyst notes that while the stock has underperformed the market over the past quarter and the past year, the weakness offers a buying opportunity. Eade cites the focus of the new CEO to lower the company's costs to adjust to the challenging current volume trends as well as its commitment to buybacks. The analyst further points to the CSX dividend hikes, which he believes signals its confidence in the company's long-term outlook.
07/26/19
07/26/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Goldman Sachs (GS) and Citi (C) upgraded to Outperform from Market Perform at Keefe Bruyette. 2. Ambev (ABEV) upgraded to Neutral from Underweight at JPMorgan with analyst Lucas Ferreira saying the post-earnings share rally shows that investors are chasing good growth stories to play Brazil's economic recovery. 3. West Pharmaceutical (WST) upgraded to Neutral from Underperform at BofA/Merrill with analyst Derik de Bruin saying that over the course of the first half, the company addressed his prior concerns around organic revenue growth and product mix trends while also boosting its operating margins and generating higher free cash flows. 4. Union Pacific (UNP) upgraded to Overweight from Neutral at Atlantic Equities, while CSX (CSX) was upgraded to Neutral from Underweight. 5. Hasbro (HAS) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's dominant position with a range of "strong" brands as well as in the big-screen business. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
KSU Kansas City Southern
$146.06

1.02 (0.70%)

10/21/19
DBAB
10/21/19
NO CHANGE
Target $165
DBAB
Buy
Kansas City Southern price target raised to $165 from $146 at Deutsche Bank
Kansas City Southern management has surpassed evenly the most bullish expectations, posting an almost 100% incremental EBIT margin on an underlying basis in Fridays' results, Deutsche Bank analyst Amit Mehrotra tells investors in a research note. The analyst sees "more to go," with an expectation for the company to guide to a sub-60% operating ratio in 2021 in the coming months. While valuation is now a greater debate point" following the stock's 54% increase year-to-date, such guidance should be enough to continue taking Kansas City shares higher, says the analyst. He keeps a Buy rating on the name.
10/21/19
LOOP
10/21/19
NO CHANGE
Target $160
LOOP
Buy
Kansas City Southern price target raised to $160 from $147 at Loop Capital
Loop Capital analyst Rick Paterson raised his price target on Kansas City Southern to $160 and kept his Buy rating after its "great" set of Q3 results, with a 24% EPS growth and a 4pt improvement in its operating ratio to 60.7%. The analyst notes that at this time last year, the management was "apologizing for bad service and missed revenue opportunities", but its initiated Precision Scheduled Railroading model should now allow the company to benefit from its "unique set of growth opportunities."
10/21/19
RAJA
10/21/19
NO CHANGE
Target $170
RAJA
Strong Buy
Kansas City Southern price target raised to $170 from $151 at Raymond James
Raymond James analyst Patrick Tyler Brown raised his price target for Kansas City Southern to $170 from $151 and reiterated a Strong Buy rating. Brown tells investors in a research note that he believes the company continues to possess a unique growth story anchored by its Mexican franchise that continues to drive opportunities. While details around U.S.-Mexico trade and the policies of Mexico's new president remain a bit "murky," the initial trade agreement should lift headline risk and assuage fears over cross-border trade, and Brown says that this news, combined with benefits associated with the news that Kansas City Souther is implementing Precision Scheduled Railroading techniques, should afford multiple expansion opportunities.
10/18/19
GHSC
10/18/19
NO CHANGE
Target $154
GHSC
Buy
Kansas City Southern price target raised to $154 from $145 at Seaport Global
Seaport Global analyst Mark Levin reiterated a Buy rating on Kansas City Southern but raised his price target on the shares to $154 from $145 after the company reported "very strong" third quarter results. Levin said the bull case for the stock is that Kansas City Southern executes precision scheduled railroading successfully, the Mexican economy "doesn't implode," and the company grows its earnings per share to $9 by 2021. The analyst also said that the company is one of only several remaining margin enhancement stories in the space, adding that the company continues to post "strong" improvements in key service metrics such as gross velocity and dwell. Levin said the company is poised to provide better long-term earnings per share guidance once it completes its white-boarding exercise and could provide updated guidance as early as the next few months.
UNP Union Pacific
$169.56

-1.26 (-0.74%)

10/18/19
BMOC
10/18/19
NO CHANGE
Target $188
BMOC
Outperform
Union Pacific price target lowered to $188 from $190 at BMO Capital
BMO Capital analyst Fadi Chamoun lowered his price target on Union Pacific to $188 but kept his Outperform rating after its Q3 results. The analyst notes that whiles its earnings disappointed and operating ratio decline, the miss was driven by the weaker demand environment. Chamoun believes that the company is still making "strong progress" on the operating side and has a "significant runway" for more improvement, positioning it to expand margins when demand recovers.
07/26/19
ATLE
07/26/19
UPGRADE
ATLE
Overweight
Union Pacific upgraded to Overweight from Neutral at Atlantic Equities
10/15/19
RAJA
10/15/19
NO CHANGE
Target $151
RAJA
Strong Buy
Truck pricing, volume pressures to weigh on transport sector, says Raymond James
Raymond James analyst Patrick Tyler Brown tells investors in a research note that truck pricing and volume pressures are expected to weight on near-term results in the Transportation Services space, saying that following another quarter of challenging freight conditions and contractual truckload renewals likely firmly in negative territory y/y, "we are generally not expecting much to write home about this quarter." He thinks attention will center around any update on truckload capacity, especially in the wake of what he sees as early signs of capacity rationalization between net truck orders well below replacement, plateauing truck transportation employment and a host of potential regulatory impacts. The analyst raised his price target on Saia (SAIA) to $105 from $85 and on Kansas City Southern (KSU) to $151 from $141 and lowered his price target on Union Pacific (UNP) to $188 from $197.
CNI Canadian National
$89.06

-0.8 (-0.89%)

10/16/19
BOFA
10/16/19
UPGRADE
Target $100
BOFA
Buy
Canadian National upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Ken Hoexter upgraded Canadian National to Buy from Neutral with a price target of $100, up from $94. The analyst points to the company's accelerating share gains and volume opportunities. Hoexter also notes that the current 9% pullback in the stock since July highs has created an attractive entry to invest in a "high-quality" business at a discount price, as its multiple premium relative to rail peers has fallen to 70bps - below its 100 bps 10-year historical average premium.
10/01/19
SPHN
10/01/19
DOWNGRADE
Target $97
SPHN
Equal Weight
Canadian National downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Justin Long downgraded Canadian National Railway to Equal Weight from Overweight and lowered his price target for the shares to $97 from $100. The analyst thinks the near-term setup for shares has become more challenging with recent volume underperformance, a "tough" Q4 volume comp and a more mature model that could make it tougher to drive significant cost cuts. As such, despite continuing to view Canadian National favorably over the long term given, the analyst sees a more balanced risk/reward profile over the next 12 months.
10/02/19
SCOT
10/02/19
DOWNGRADE
SCOT
Sector Perform
Canadian National downgraded to Sector Perform from Outperform at Scotiabank
10/16/19
BOFA
10/16/19
UPGRADE
BOFA
Buy
Canadian National upgraded to Buy from Neutral at BofA/Merrill

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AAPL

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IRBT

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Five9

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FORM

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$55.10

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