JP Morgan Raised 2010, 2011 Profit Outlooks for Major Railroads (JPM)
3/19/2010 3/19/2010- JP Morgan
(NYSE: JPM | Quote | Chart | News | PowerRating) analysts raised their 2010 and 2011 profit outlooks for major railroad in the United States and Canada on better volume trends.
The railroads included are Canadian National Railway (NYSE: CNI | Quote | Chart | News | PowerRating), CSX Corp. (NYSE: CSX | Quote | Chart | News | PowerRating), Norfolk Southern (NYSE: NSC | Quote | Chart | News | PowerRating), and Union Pacific Corp. (NYSE: UNP | Quote | Chart | News | PowerRating).
According to the analysts, "Volume trends...appear likely to be better than our prior forecasts for the next several quarters. Our sense is that there is room for the railroads to sustain stronger price-to-earnings ratio valuation."
Write to Chip Brian at cbrian@tradethetrend.com