(The following report appeared at NewRatings.com on May 13.)
NEW YORK — Analyst John Larkin of Legg Mason initiates coverage of Burlington Northern Santa Fe Corporation (BNI.NYS) with a “buy” rating. The 12-month target price is set to $39.00.
In a research note published yesterday, the analyst mentions that Burlington Northern Santa Fe’s management expects to propel the company’s growth in the range of 15-20% during 2004. Growth would be driven by Burlington Northern Santa Fe’s intermodal carrier business, which accounts for a third of the company’s revenues, the analyst believes. The company’s impressive balance sheet provides financial flexibility due to a debt-to-capital ratio of 44.9%, according to Legg Mason.