Bank of America Raises CNI Price Target to $122 on Strong Volume Momentum

Canadian National Railway Company (NYSE:CNI) is included among the 10 Canadian Stocks with Highest Dividends.

On April 9, BofA upgraded Canadian National Railway Company (NYSE:CNI) to Buy from Neutral. It also raised its price target to $122 from $117. The analyst pointed out that as service levels improve, the company is already gaining share at a pace well above its flat full-year target. That strength is being supported by a record Canadian grain crop, along with stronger-than-expected intermodal and auto volumes. COO Patrick Whitehead is seen as a key driver behind these operational improvements. At the same time, the stock is still trading at a 3-turn discount to peers, which the analyst believes leaves room for upside.

On April 7, JPMorgan analyst Brian Ossenbeck raised the firm’s price recommendation on CNI to C$153 from C$147 while maintaining a Neutral rating. The adjustment came as part of the firm’s Q1 preview for the transportation and logistics group. The analyst noted that surface transportation rates are unlikely to return to last year’s lows. In the same note, JPMorgan said it sees “more stocks to own than avoid” heading into earnings. That said, the firm also cautioned that it may be too early to expect positive earnings revisions, as a more sustained recovery in freight demand is still needed.

Canadian National Railway Company (NYSE:CNI) operates as a transportation and logistics provider. Its services span rail, intermodal, trucking, and broader supply chain solutions. The rail segment includes equipment offerings, customs brokerage, transloading and distribution, and private railcar storage, among other services.

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