Desjardins raised its price targets on Canadian National Railway (CNR.TO, CNI) to C$185 from C$163, and on Canadian Pacific Kansas City (CP.TO) to C$141 from C$131.
Analyst Benoit Poirier maintained a Buy rating on both Canadian railroads.
"We are encouraged by the latest macro trends and positive volume backdrop, which nicely position both railroads heading into 2Q26 reporting (slight preference for CN in the short term)," Poirier said in a note to clients.
"Our revised multiples are closer to their five-year averages, which is justified in light of the improved macro and encouraging volume backdrop," the analyst said.
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