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Mining & Metals

CN Rail Price Targets Raised at RBC, TD

Analysts at RBC Capital Markets and TD Securities raised their price targets on Canadian National Railway (CNR.TO, CNI) to C$205 from C$195, and to C$205 from C$191, respectively.RBC analyst Walter Spracklin maintained an Outperform rating on shares of the Canadian railway following its Q2 results."CN delivered on a solid beat and raise, with the raise being a higher order of magnitude than we had been expecting," Spracklin said in a note to clients."We like the CN opportunity as the cheapest railroad in our sector coverage, with the raise in guidance (and potential for further upside) poised to lead to a further relative multiple re-rate in our view," the analyst said.TD analyst Cherilyn Radbourne maintained a Buy rating on the stock. "Record Canadian grain volumes contributed, but CN's unique multi-commodity/multi-year opportunity in energy is ramping up," Radbourne said in a note to clients.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CNI$CNR.TO
Asia Markets

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday Amid Major Tech Stocks Sell-Off

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.6%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.9% in Thursday's premarket activity, as a selloff in major technology stocks follows corporate earnings.US stock futures were also lower, with S&P 500 Index futures down 0.3%, Dow Jones Industrial Average futures slipping 0.3%, and Nasdaq futures retreating 0.3% before the start of regular trading.US initial jobless claims decreased to a level of 187,000 in the employment survey week ended July 18, the lowest level since 1969, from an upwardly revised 209,000 level in the previous week, compared with expectations for an increase to 210,000 in a survey of analysts compiled by Bloomberg.Weekly natural gas stocks are due to be released at 10:30 am ET, followed by the Kansas City Fed's manufacturing index for July at 11:00 am ET.In premarket action, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.9% lower, Ether ETF (EETH) retreated 0.04%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.02.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.7%, the iShares US Technology ETF (IYW) was 1.1% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 0.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was up 0.1%, while the iShares Semiconductor ETF (SOXX) fell by 1.9%.STMicroelectronics (STM) shares were down more than 13% in premarket activity even after the company reported higher Q2 non-GAAP earnings and revenue.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1.3%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 1.8%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% lower.Tesla (TSLA) shares fell more than 7% pre-bell after the electric vehicle manufacturer reported an unexpected year-over-year decline in its Q2 earnings, weighed down by higher operating expenses related to research and development and artificial intelligence initiatives.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) was down 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% higher.Ameriprise Financial (AMP) shares traded up 2% in early-hours activity after the company reported higher Q2 adjusted earnings and revenue.EnergyThe iShares US Energy ETF (IYE) rose 1.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.8%.TotalEnergies (TTE) stock was up more than 2% before market open after the company reported higher Q2 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.1%, the Vanguard Industrials Index Fund (VIS) was 0.04% lower, and the iShares US Industrials ETF (IYJ) was up 1%.Union Pacific Railroad (UNP) and Canadian National Railway (CNI) shares rose more than 1% before the opening bell after the companies signed a binding memorandum of understanding establishing a framework for CN to secure competitive access in connection with the proposed merger between Union Pacific and Norfolk Southern (NSC). Norfolk Southern shares were 0.7% lower.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) slipped 0.4%. The iShares Biotechnology ETF (IBB) was 0.1% lower.AstraZeneca (AZN) stock was down more than 1% premarket following a 0.2% gain at the prior close. The company said that the European Commission approved its experimental drug, Etcamah, in combination with a CDK4/6 inhibitor, for adults with a type of breast cancer harboring an ESR1 mutation that emerges during first-line endocrine therapy, after the Phase 3 SERENA-6 trial met its primary endpoint.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 4.3% to $90.56 per barrel on the New York Mercantile Exchange. Natural gas was up by 1.1% to $2.96 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 4.8%, while the United States Natural Gas Fund (UNG) was 1.8% higher.Gold futures for July retreated 1.5% to $4,087.80 an ounce on the Comex. Silver futures were down 2.5% to $58.81 an ounce. SPDR Gold Shares (GLD) decreased 1.7%, and the iShares Silver Trust (SLV) was 3% lower.

Dow JonesNasdaq CompositeS&P 500$AMP$AZN$BETH$BITO$CNI$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NSC$PMR$QQQ$RTH$SLV$SOXX$SPY$STM$TSLA$TTE$UNG$UNP$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Research

CN Rail and CP Kansas City Price Targets Raised at Desjardins

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.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CNI$CNR.TO$CP.TO
Research

Evercore ISI Upgrades Canadian National Railway to Outperform From In Line, Adjusts Price Target to $124 From $108

Canadian National Railway (CNI) has an average rating of overweight and mean price target of $116.27, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$CNI
Canadian National, CSX, Union Pacific Poised for Earnings Beats on Strong Volumes, RBC Says
US Markets

Canadian National, CSX, Union Pacific Poised for Earnings Beats on Strong Volumes, RBC Says

Railroad companies Canadian National Railway (CNI), CSX (CSX), and Union Pacific (UNP) are well-positioned to beat second-quarter earnings expectations amid strong volume trends, RBC Capital Markets said Wednesday in a report.Canadian National's year-to-date volumes are trending up 3.6%, setting the stage for a projected second-quarter profit of $1.95 a share, the report said. Union Pacific's profit is expected to be $3.28 a share, and CSX is projected to earn $0.51 a share, RBC said."Overall, we see Canadian National, CSX, and Union Pacific as delivering the best earnings upside versus consensus given strong volume trends," the report said.RBC had a more cautious tone on Canadian Pacific Kansas City (CP) and predicted a "near-term neutral reaction" as a mix of strong operating metrics and stable volumes may be offset by recent derailments and rising share-based compensation costs.CSX will report results on July 22, followed by Canadian National Railway on July 24.RBC raised its price targets to $195 from $178 for Canadian National, to $139 from $127 for Canadian Pacific, and to $51 from $47 on CSX "due to indications the freight backdrop is improving."RBC lowered its price target for Norfolk Southern (NSC) after applying a 10% discount due to higher deal-related risk, noting that it continues "to see quarterly results as less impactful to sentiment given the proposed merger with Union Pacific."Last year, Union Pacific agreed to acquire Norfolk Southern in a cash-and-stock deal valuing the smaller railroad operator at about $85 billion. The deal faces regulatory headwinds after the US Surface Transportation Board paused review of the deal in late May, giving the companies until July 27 to provide more comprehensive traffic and market-competition data.Price: $116.07, Change: $+1.17, Percent Change: +1.02%

$CNI$CP$CSX$NSC$UNP
Wire

BHP Signs Potash Transport Deals With Canada's National Rail Carriers

BHP Group's (BHP) BHP Canada subsidiary said Thursday it signed transportation agreements with Canadian National Railway (CNI) and Canadian Pacific Kansas City (CP) that will help move potash from its Jansen project in Saskatchewan to Westshore Terminals in Vancouver for export.Both Canadian National and Canadian Pacific will operate unit trains between Jansen and Westshore Terminals under roughly four-year contracts, BHP said."The Jansen Potash Mine project represents a generational investment in Saskatchewan and a significant opportunity for Canada's export economy," CN Chief Commercial Officer Janet Drysdale said."We are pleased to enter into this agreement with BHP as they expand into the potash market," said Canadian Pacific President and CEO Keith Creel. "We look forward to providing our industry-leading service to BHP helping to drive innovation and reliability across the potash supply chain."Price: $89.55, Change: $-1.30, Percent Change: -1.43%

$BHP$CNI$CP
Wire

BHP Signs Potash Transport Deals With Canadian National Railway, Canadian Pacific Kansas City

BHP Signs Potash Transport Deals With Canadian National Railway, Canadian Pacific Kansas City

$BHP$CNI$CP
Wire

Canadian National Railway Posts Record Monthly Grain Movement in May

Canadian National Railway (CNI) has moved over 2.96 million metric tonnes of grain from Western Canada in May, compared with 2.54 million metric tonnes for the same period last year, the company said Monday.The May figure sets a new monthly record for grain movement, the company added.Shares of the company were up 1.2% in Monday afternoon trading.Price: $120.00, Change: $+1.45, Percent Change: +1.22%

$CNI
Equities

Canadian National Railway, Keyera, AltaGas to Develop Alberta Export Terminal Project

Canadian National Railway (CNI), Keyera and AltaGas said Wednesday they plan to develop the Alberta Corridor Export Rail Terminal Project, an energy infrastructure investment meant to improve Canada's energy supply chain.The project involves an initial investment by Keyera of approximately $240 million, the companies said.The partnership combines Keyera's Alberta Corridor Export rail terminal with Canadian National Railway's rail network and AltaGas' West Coast energy export platform, the companies said.Keyera will own and build the terminal on its land in Alberta backed by long-term commercial arrangements with AltaGas and Canadian National Railway, the companies said.The terminal, expected to be operational in mid 2028, is expected to provide transportation capacity of around 45,000 barrels per day of propane and butane from the Fort Saskatchewan region to west coast export facilities, the companies said.

$CNI
Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Canadian National Railway Company

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target by $9 to $117, on 20x our 2026 EPS view of $5.75 (CAD7.85, using the May 11, 2026 spot rate; up from CAD7.64) and 18.5x our 2027 EPS of $6.34 (CAD8.65, up from CAD8.45), vs. the shares' one-year average forward multiple of 18x and a peer average of 22.6x. We see revenue growth of 3% in 2026, with a rise of 4% in 2027. Q1 2026 results were mixed. Total revenues were -1% to CAD4,379M as a record Q1 RTM level of 61,834M (+3% volume) was more than offset by freight revenue per RTM (-3%). The yield pressure was primarily due to the negative translation impact of a stronger Canadian dollar and the elimination of the Canadian federal carbon tax program on April 1, 2025, which collectively overshadowed benefits from freight rate increases and higher fuel surcharge rates. On a constant currency basis, revenues would have grown 2%, demonstrating underlying business momentum. We expect some of these pressures to ease as the year progresses. We currently view the shares as fairly valued.

$CNI
Mining & Metals

Canadian National Railway to Add Five New Sites, Re-Certify Six U..S Locations

Canadian National Railway (CNR.TO, CNI) said Monday it will add five new industrial sites and re-certify six existing U.S. sites under its Certified Rail-Ready Sites program.The sites will be certified through a new partnership with the Site Selectors Guild's REDI Sites program, the company added."Canadian National Railway's Certified Rail-Ready Sites program helps businesses move more quickly from site selection to operations by identifying strategic, rail-served locations that are ready for investment and connected to markets across North America," Chief Commercial Officer Janet Drysdale said.Under the program, sites are reviewed for zoning, environmental factors, utilities, and transportation access to help speed up development and reduce risk for businesses and investors, the company said.The new sites submitted for certification are located in Michigan, Illinois, Mississippi, and Louisiana. The sites being re-certified are located in Kentucky, Mississippi, Illinois, Michigan, and Tennessee, according to the statement.The company's shares were last seen down $1.52 to $151.18 on the Toronto Stock Exchange.Price: $151.17, Change: $-1.54, Percent Change: -1.01%

$CNI$CNR.TO
Mining & Metals

CN Says Union Pacific-Norfolk Southern Merger Fails To Address Competitive Harms

Canadian National Railway (CNR.TO, CNI) after the close Thursday said it is reviewing Union Pacific UNP) and Norfolk Southern's (NSC) amended merger application submitted to the Surface Transportation Board (STB) and will remain "actively engaged" in this process.According to a statement, the applicants have failed to "materially improve the amended application" in ways that address the competitive harms of the merger. They have not remedied the "significant competitive harms" posed by the merger, nor have they offered any meaningful competitive enhancements as required under the board's new rules, said CN, adding that "these failures should be fatal to the application"."Given the magnitude of this transaction, the board's authority to impose conditions that protect competition and the public interest must be paramount. If Union Pacific and Norfolk Southern have set a cost cap on the conditions they're willing to accept, that's their business decision and their risk. It is not a ceiling on the board's authority, and it doesn't limit what's required in the public interest," said Olivier Chouc, CN's chief legal officer.CN Rail shares closed up C$4.66 at C$152.57 on Toronto Stock Exchange.

$CNI$CNR.TO$NSC$UNP
Research

RBC Raises Price Target on CN Rail, Lowers Target on CP Kansas City

RBC Capital Markets raised its price target on Canadian National Railway Co. (CNR.TO, CNI) to $178 from $160, and lowered its target on Canadian Pacific Kansas City Ltd. (CP.TO, CP) to $127 from $128.Analyst Walter Spracklin maintained an Outperform rating on both Canadian-based railways following their quarterly results."While CN delivered an inline result vs consensus (note that estimates moved higher into the quarter report), expectations for higher operating leverage following the strong performance across US peers did not materialize in Q1, leading to an early sell-off in the shares," Spracklin said in a note to clients."Key is that we believe this to be a knee-jerk reaction to the headline result, as management did a good job on the call to flag what we characterize as discreet Q1 costs," the analyst said."We expect operating leverage to pick up through the course of the year and see upside to guidance and consensus numbers.""We expect CP shares to come under some pressure on the back of Q1 results that were below expectations and trends that put full year guidance at risk," Spracklin said."Notable was a coal production issue at a major customer, which was called out as a 100bp headwind to volumes," the analyst said."While management guided to a strong sequential improvement in Q2, we are taking our numbers down to the very low end of management guidance for MSD volume and LDD EPS, with risk to the downside."

$CNI$CNR.TO$CP$CP.TO
Research

Research Alert: Cni Q1: Eps Beats, Revenue Lags, Operational Gains Amid Headwinds

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CNI posted Q1 adjusted EPS of CAD1.80, topping our CAD1.73 estimate but missing the consensus CAD1.81 forecast. Revenue declined 1% to CAD4.38B, as 3% volume growth was offset by a 3% freight revenue per RTM decline from FX and carbon tax headwinds. The operating ratio deteriorated 80 bps to 64.2%, as cost inflation outpaced revenue growth despite operational improvements including record Q1 fuel efficiency and 8% employee productivity gains. Segment performance was mixed: grain/fertilizers surged 10% while metals/minerals fell 11%, though underlying momentum remained solid with 2% constant currency revenue growth. Management reiterated expectations for flattish RTM growth in FY 26, with EPS growth slightly exceeding volume growth and a continued CAD2.8B capex program. FCF surged 44% to CAD900M, supporting CAD869M in share repurchases. We view the strong operational metrics and cash generation positively, though margin pressure from inflationary costs and FX headwinds remains a near-term concern.

$CNI
Research

CN Rail and CP Kansas City Price Targets Raised at Raymond James

Raymond James raised its price target on Canadian National Railway (CNR.TO, CNI) to $170 from $162, and on Canadian Pacific Kansas City (CP.TO, CP) to $125 from $120 on Thursday.Analyst Steve Hansen maintained an Outperform rating on both Canadian railways."Canadian rail traffic is off to a better-than-expected start in 2026," Hansen said in a note to clients. "While January struggled (acute weather), traffic accelerated through February/ March driven by sustained tailwinds in Grain, Intermodal, and PetChem.""Both Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) outperformed our expectations," the analyst said."After an underwhelming FY26 volume guide ('flattish'), CN stood out, in particular, outperforming not only Street expectations, but also its closest peer for a 2nd consecutive quarter. Share price performance followed," Hansen said."Looking forward, we remain cautiously optimistic on both carriers. While the threat of further US trade action still lingers, we see a realistic path to LSD to MSD traffic growth underpinned by: 1) sustained bulk tailwinds (grain, potash); 2) incremental self-help traction; and 3) a rapidly improving economic/freight outlook south of the border. At the same time, emerging inflections in key categories (PetChem, Forestry, FracSand) are expected to influence the growth and yield mix."

$CNI$CNR.TO$CP$CP.TO
US Markets

Canadian National Railway Volume Data Seen Tracking Ahead of Estimates, BofA Says

Canadian National Railway (CNI) appears to be outperforming volume growth estimates and gaining market share, BofA Securities said in a note.The railroad operator's revenue ton miles, a key freight transportation metric, is tracking "well ahead of the company's flat full-year target, aided by gains in record Canadian grain crop and above target intermodal and auto volumes," BofA analyst Ken Hoexter said in the note sent Thursday.Canadian National is scheduled to release its first-quarter results on April 29.The company's service metrics are also improving, under Chief Operating Officer Patrick Whitehead, who took charge in October, the brokerage added.BofA upgraded its rating on Canadian National's stock to buy from neutral and raised the price objective to $122 from $117.The stock has gained 11% so far this year, with Hoexter pointing to further upside potential."While underlying volume fundamentals may decelerate into (the second quarter) given upfront grain moves, we expect negative yields given mix impacts, the loss of carbon tax revenues nearly a year ago, and fuel surcharge lag impacts," Hoexter said.Price: $110.15, Change: $+0.01, Percent Change: +0.01%

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