) and warning of further risks to their near-term estimates, Citi analyst Christian Wetherbee maintained his preference for both companies over their peers south of the border and raised his target prices for their shares.
Mr. Wetherbee trimmed his fourth-quarter estimates for both CN and CP, citing port delays in Vancouver as well as the impact of severe weather late in December, which affected the entire North American rail network. “We left our 2023 estimates little changed , but we continue to see estimate risk and are 3 per cent below consensus on average. For the U.S. rails this risk seems more weighted toward 1H23 when year-over-year head count growth is the most out of sync with volume growth expectations and when service is still recovering. We see particular EPS risk in 1Q, consistent with our air pocket thesis, and are 7 per cent below consensus for the group and 8 per cent below consensus for the U.S. rails.
Despite those reductions, Mr. Wetherbee raised his target for CN shares to US$139 from US$128 and CP to US$89 from US$79, keeping “buy” ratings for both companies. The averages on the Street are US$130.27 and US$84.95, respectively.
Source: News Formal (newsformal.com)
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