Canadian Railway on Jan. 4 announced the 10th successive month of record shipping of over 2.84 million metric tonnes (MMT) of Canadian grain and processed grain products via carload.
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The transportation company’s shipment increased the volume of grain moved in the 2020-2021 crop year to-date via carload to 14.5 MMT, exceeding the previous all-time record pace volume by 2 MMT, or over 15%.
Canadian Railway (CNI) also remained well on track for containerized grain shipments from western Canada. The company said that recent records were mainly attributed to the substantial investments it made in recent years in track, locomotives, and railcars, including the purchase of 1,500 new high capacity grain hopper cars.
On Dec. 15, Benchmark analyst Mark A. Levin reiterated a Hold rating on CNI stock and cut his 4Q EPS estimates.
Levin views the company as very well-run with substantial organic growth opportunities. However, the analyst believes that the stock trades at a premium valuation despite projected EPS growth which is only in line with the average of its peers. (See CNI stock analysis on TipRanks)
From the rest of the Street, the stock scores a cautiously optimistic analyst consensus of a Moderate Buy based on 5 Buys, 10 Holds and 1 Sell. The average analyst price target of $116.04 implies upside potential of close to 6% to current levels.
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