Stephens lowered the firm’s price target on Trinity Industries to $27 from $28 and keeps an Equal Weight rating on the shares. The company recently announced its Q3 of 2023 railcar deliveries fell short of expectations, which was due to the closing of rail traffic at a U.S.-Mexico border from September 20-23 and the related congestion in the supply chain, the analyst tells investors. The magnitude of this impact was greater than expected and while the firm expects these delayed deliveries to be recovered in Q4, Stephens will continue to monitor the situation.
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Read More on TRN:
- Trinity Industries announces impact of border issues on quarterly deliveries
- North American rail traffic up 1.7% for the week ending September 23
- North American rail traffic down 0.8% for the week ending September16
- North American rail traffic down 3% for the week ending September 9
- North American rail traffic down 5.2% for the week ending September 2