Canadian National upgraded to Outperform from Market Perform at Raymond James

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.”