CN upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst Steve Hansen upgraded CN (CNI) to Outperform from Market Perform with a price target of C$162, up from C$150. Despite the underwhelming traffic performance year-to-date, the risk of another guidance cut, and CN’s “lackluster” earnings performance over the past two years, Raymond James believes CN will enjoy accelerating traffic growth through 2H25 as macro conditions improve, trade normalizes, and last year’s major network disruptions are lapped, the analyst tells investors in a research note. The firm thinks conditions will be right for CN to deliver accelerating top-line growth, improved network fluidity, and incremental operating leverage.