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Fly News Breaks for February 23, 2016
CNI
Feb 23, 2016 | 08:24 EDT
Morgan Stanley analyst Ravi Shanker upgraded Canadian National to Overweight and increased his price target to C$85 from C$80 on shares. The company has the best operating metrics in Class I rails and one of the lowest balance sheet leverages in the group, according to the analyst. Shanker expects Canadian National to be a significant M&A player if end-market weakness starts to drive consolidation and believes the premium valuation is justified given quality management, operational execution, and defensive footprint.