JPMorgan raised the firm’s price target on Canadian National to C$180 from C$164 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the transportation and logistics group. Freight demand steadily improved over the last year with more recent signs of recovering industrial activity along with continued strength in U.S. containerized imports that increased again month-over-month in March, the analyst tells investors in a research note. However, the firm says you wouldn’t know it speaking to truckload, intermodal, and brokerage companies, which face lingering excess capacity in the market, and the recent signs of net capacity gains “only add insult to injury.” JPMorgan We expects the vast majority of its coverage “will hang on to their existing guidance.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CNI:
- Canadian National Railway Highlights Shareholder Voting
- Canadian National initiated with a Hold at Jefferies
- CN Continues to Advance Decarbonization Efforts with EMD® Mainline Hybrid Locomotive from Progress Rail
- CN purchases first hybrid diesel-battery electric mainline locomotive
- Canadian National price target raised to $130 from $127 at Barclays