Credit Suisse Raises Price Target on Genesee & Wyoming (GWR) Following Announced P&W (PWX) Acquisition
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Credit Suisse reiterated an Outperform rating on Genesee & Wyoming (NYSE: GWR), and raised the price target to $73.00 (from $70.00), following the company's announced acquisition of Providence and Worcester Railroad Company (“P&W”) (NASDAQ: PWX) for $126 million, or $25/sh, representing a 53% premium to the closing price on Friday 8/12.
Analyst Allison Landry commented, "FY16 EPS estimate of $3.56 is unchanged, as we assume the P&W acquisition closes at the end of 4Q16. We have raised our FY17 and FY18 forecasts to $3.74 and $4.28, from $3.67 and $4.20, respectively. Our 12-month target price rises to $73 (from $70) primarily on account of higher base year (2017) EBIT and a lower discount rate in our DCF model. Maintain Outperform."
Shares of Genesee & Wyoming closed at $66.00 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Mergers and Acquisitions
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