Analyst Ratings for Canadian National Railway (CNI)

Overall Rating: NEUTRAL Rating Trend:

Avg. $ Target: $79.17 (-21.8%)

Date	Firm	Type	Rating (Past)	PT (Past)	Start $	End $	% Chg.	Details
3/25/2013	Raymond James	Upgrade	Outperform (Market Perform)	N/A (N/A)	97.28	101.26	4.09%	Details
1/7/2013	Barclays	Upgrade	Equalweight (Underweight)	102.00 (92.00)	91.75	101.26	10.37%	Details
9/24/2012	TD Securities	Upgrade	Buy (Hold)	100.00 (N/A)	88.07	101.26	14.98%	Details
8/16/2012	FirstEnergy Capital	New Coverage	Top Pick (N/A)	N/A (N/A)	91.43	101.26	10.75%	Details
7/12/2012	Goldman Sachs	New Coverage	Neutral (N/A)	N/A (N/A)	84.99	101.26	19.14%	Details
7/3/2012	Canaccord Genuity	Downgrade	Hold (Buy)	N/A (N/A)	84.53	101.26	19.79%	Details
6/22/2012	Northland Securities	New Coverage	Outperform (N/A)	26.00 (N/A)	83.42	101.26	21.39%	Details
4/24/2012	National Bank	Upgrade	Outperform (N/A)	N/A (N/A)	80.01	101.26	26.56%	Details
1/17/2012	Jefferies » Updated 4/23/2013	Downgrade	Underperform (N/A)	84.00 (85.00)	76.40	101.26	32.54%	Details
1/13/2012	JPMorgan	Downgrade	Underweight (N/A)	77.00 (N/A)	77.88	101.26	30.02%	Details
12/13/2011	RBC Capital	Downgrade	Sector Perform (N/A)	N/A (N/A)	76.52	101.26	32.33%	Details
11/2/2011	Euro Pacific Capital	New Coverage	Buy (N/A)	86.00 (N/A)	77.40	101.26	30.83%	Details
10/31/2011	Stifel Nicolaus	Downgrade	Hold (N/A)	N/A (N/A)	80.20	101.26	26.26%	Details
7/26/2011	Dahlman Rose	Downgrade	Hold (N/A)	N/A (N/A)	79.01	101.26	28.16%	Details
2/17/2011	Scotia Capital	Upgrade	Outperform (N/A)	N/A (N/A)	71.77	101.26	41.09%	Details

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