TD Newcrest Downgrades Canadian National Railway (CNI) to Hold; Valuation Call

TD Newcrest downgraded Canadian National Railway (NYSE: CNI) from Buy to Hold, price target raised from C$87 to C$89.

TD analyst says, "Our call is predicated largely on valuation and relative share price performance. We believe CN’s rail franchise offers excellent leverage to a re-accelerating North American economy, our sense is that the company is getting positive traction with its customer collaboration initiatives, and we value CN at a 0.5x multiple point premium to its peers to give credit for its track record of consistent execution; however, in our judgment, the implied upside to our target price is more consistent with a HOLD rating at this time."

For an analyst ratings summary and ratings history on Canadian National Railway click here. For more ratings news on Canadian National Railway click here.

Shares of Canadian National Railway closed at $78.57 yesterday.

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