JPMorgan upgraded CN (CNI) to Overweight from Neutral with an unchanged price target of C$179. The stock is trading at a “near record wide” discount to Union Pacific (UNP) while CN’s easy volume comps and currency tailwinds support its 2025 earnings growth outlook more than peers, the analyst tells investors in a research note. The firm says the tailwinds for CN “stand out” as the market recovery continues to slowly develop, putting the substantial earnings growth embedded in 2025 estimates at risk.
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