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February 19, 2014
10:03 EDTCNICanadian National targets C$2.1B in 2014 capital investments
CN announced is targeting to spend more than C$1.2B in 2014 on track infrastructure and to improve the safety, productivity and fluidity of the network. This investment will include the replacement of rail, ties and other track materials, bridge improvements, as well as various branch-line upgrades. This envelope will also include funds for strategic initiatives and additional improvements to track infrastructure in western and eastern Canada as well as in the United States. CN's equipment capital expenditures in 2014 are targeted to reach approximately C$300M. CN in 2013 took delivery of 44 new and 37 second-hand high-horsepower locomotives and in 2014, CN will acquire an additional 45 new high-horsepower locomotives. CN also expects to spend approximately C$600M in 2014 on facilities to grow the business, including transloading terminals, distribution centers and the completion of its Calgary Logistics Park project. In 2013, CN's capital investment program totalled approximately C$2.0B.
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September 30, 2015
12:26 EDTCNIRails advance after Goldman says rate of volume declines improving
Shares of railroad operators are advancing after Goldman Sachs moved its Rails coverage view to Attractive from Neutral. WHAT'S NEW: In a note to investors, Goldman Sach's Tom Kim and team said while rail volumes continue to contract, the rate of change has begun to improve and the firm sees this as an early inflection indicator. The negatives in the rail sector appear to be well known as the sector has been under "significant" selling pressure since peaking in the fourth quarter of 2014, added Goldman Sachs. The firm sees structural improvement in the profitability of the rail sector as operating margins for 2015 are estimated to have expanded to 35% from 29% in 2010. Goldman thinks the negative earnings per share revisions cycle for rails is over and that investor expectations are achievable. The firm sees earnings as a catalyst for sector performance and believes carloads will grow again in 2016 with 4% year-over-year growth in intermodal. WHAT'S NOTABLE: Kim upgraded Canadian Pacific (CP) to Buy from Neutral and reiterated its Buy rating on Union Pacific (UNP). The firm sees upside potential for Canadian National Railway (CNI), CSX (CSX), Kansas City Southern (KSU), and Norfolk Southern Corporation (NSC), but it maintained its Neutral ratings on those names as the firm expects these stocks to trade in-line with its broader Transportation coverage universe. PRICE ACTION: In afternoon trading, shares of Canadian Pacific are up nearly 3%, while Union Pacific is higher by almost 1%. CSX is advancing 2.2%, while Canadian National Railway, Kansas City Southern, and Norfolk Southern Corporation are each up over 1%.
08:08 EDTCNIRails sector upgraded to Attractive from Neutral at Goldman
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