As previously reported, Scotiabank analyst Konark Gupta upgraded Canadian National (CNI) to Outperform from Sector Perform with a price target of C$188, up from C$184. Despite ongoing freight uncertainties, the firm is getting more constructive on the space due to attractive valuations in some cases or catalysts in others, noting that it is also upgrading shares partly reflecting their recent underperformance. The firm also upgraded Canadian Pacific Kansas City (CP) to Outperform on the same grounds.
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