Raymond James analyst Steve Hansen upgraded Canadian National Railway (CNI) to Outperform from Market Perform with an unchanged price target of C$180. The shares are down 6.2% this year, which opens up “an even wider valuation chasm” versus Canadian National’s closest peer, Canadian Pacific Kansas City (CP), which is now trading at a near-record premium, the analyst tells investors in a research note. The firm views the valuation spread as “excessive” given Canadian National’s “outstanding network, attractive growth opportunities, and historical track record for creating shareholder value.”
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