Cowen analyst, Jason Seidl, reiterated his Outperform rating on shares of Canadian National Railway (NYSE: CNI) and raised his price target to $81 after results and core pricing were solid and CNI raised its EPS guidance.

Despite the PT increase to $81 from $77, the analyst did not raise his estimates which were already above guidance and consensus. The price target increase was due to multiple expansion as the rail environment improves.

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Shares of Canadian National Railway closed at $75.66 yesterday.