Wells Fargo analyst Christian Wetherbee initiated coverage of Canadian National with an Equal Weight rating and $130 price target. The analyst initiated coverage of North American rails with a selective bias focused on “idiosyncratic opportunities” for outsized earnings growth. The firm likes the Canadian National growth story and believes multi-year outperformance is possible, supported by company and country-specific opportunities. However, following the stock’s relative outperformance through the recent spring pullback across transports, Wells sees the stock as fairly valued.
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