Neptune Orient Lines downgraded to 'neutral' by Credit Suisse

Stock Name: NOL
Company Name: NEPTUNE ORIENT LINES LIMITED

Research House: Credit Suisse

Price Call: HOLD

Target Price: 1.20

SINGAPORE (May 18): Credit Suisse has downgraded Neptune Orient Lines to "neutral" from "outperform", citing limited upside to its $1.20 price target.

The company's volumes on the Transpacific route in 1Q2015 were below expectations, hurt by the port congestion in the US West Coast, according to Credit Suisse analyst Timothy Ross.

"This was also at odds with our expectations, which had baked in the robust US box import data for 1Q and the assumption that NOL would get its share of the diversion to the US east coast," he wrote in a note.