Loop Capital analyst Rick Paterson raised his price target on Canadian National Railway to CAD112 from CAD98 ahead of its earnings next week, saying the company will likely report a reacceleration of volume growth of about 5.8% vs. 2.9% in Q1. The analyst notes that while "tight capacity and poor service" weighed on that acceleration, the "weight of demand" is painting a "strong revenue picture". Paterson also keeps his Hold rating on Canadian National given its current 21-times next-twelve-month earnings multiple vs. historical average of 18.5-times.