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Fly News Breaks for October 16, 2019
CNI
Oct 16, 2019 | 06:19 EDT
BofA/Merrill analyst Ken Hoexter upgraded Canadian National to Buy from Neutral with a price target of $100, up from $94. The analyst points to the company's accelerating share gains and volume opportunities. Hoexter also notes that the current 9% pullback in the stock since July highs has created an attractive entry to invest in a "high-quality" business at a discount price, as its multiple premium relative to rail peers has fallen to 70bps - below its 100 bps 10-year historical average premium.
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