Dahlman Rose Has $79 Price Target On Canadian National (CNI)

Dahlman Rose & Co. has a $79 price target and a Buy rating on shares of Canadian National CNI after it reported earnings yesterday. In a note to investors, Dahlman Rose writes, "While Canadian National beat our and consensus earnings estimates slightly, we believe there is a degree of uncertainty in the transportation industry attributable to rising fuel prices, currency exchange volatility, and the pace of the ongoing recovery. Accordingly, we do not see a compelling reason to increase our 2011 and 2012 EPS estimates of $4.80 and $5.70, respectively. Our $79 price target remains unchanged (based on applying the same 13.8x multiple to our 2012 EPS estimate). We reiterate our Buy rating on CNI shares." Shares of CNI closed at $74.59 yesterday.