- BMO Capital analyst Fadi Chamoun upgraded Canadian National Railway Co CNR CNI to Outperform from Market Perform.
- The analyst maintained the Price Target for CNR at C$170.
- While maintaining the C$170 target price, the analyst sees a potential upside of C$190-C$200 if the demand environment remains favorable and the company executes on the large self-help opportunity.
- In a more muted demand environment, the analyst believes the downside is limited as initiatives to improve efficiency and revenue quality should enable the company to defend its earnings power.
- According to Chamoun, 2Q22 operating/service and volume trends are also ahead of expectations, prompting to boost in the forecast.
- Price Action: CNR shares are trading lower by 1.40% at C$145.51 on TSX, and CNI is lower by 1.89% at $112.97 on NYSE on the last check Wednesday.
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