Canadian National Railway's Valuation Is An Opportunity, Analyst Shifts To Bullish Outlook

Stifel analyst Benjamin J. Nolan upgraded Canadian National Railway Company CNI to Buy from Hold while reducing the price target to $120 from $132.The analyst writes that 2024 was a lackluster year for rail equities, ending down 7% while the S&P rose 23%.Notably, 2024 did not see strong volume growth for Class 1 railroads, as earlier expected, partly due to unforeseen disruptions and a weaker freight market, leading to just 2.2% volume growth, adds the analyst.The analyst writes that he anticipates modest v ...