CN upgraded to Buy at Jefferies on expected earnings acceleration

Jefferies upgraded CN (CNI) to Buy from Hold with an unchanged price target of $120. As the current freight recession approaches its third year, the firm is “increasingly positive” on the freight backdrop for 2025, the analyst tells investors. Consistent with the view that the cycle turns and a pro-business administration spurs demand for transportation and logistics services, the firm upgraded CN and CSX (CSX) to Buys as it is positive on the earnings acceleration over the next two years, the analyst added.