CIBC lifts Canadian National Railway's rating to 'outperform'

CIBC upgrades rating for railroad operator Canadian National Railway CNR.TO to "outperform" from "neutral"; raises PT to $151 from $146

Shares of CNR up 1% at $133.19 in early morning trading

Brokerage notes that CNR is currently trading at trough valuations and sees green shoots in the freight cycle in 2026

New price target represents almost 14.6% upside to stock's last close

"...CN is well-positioned to onboard additional volumes to its network while maintaining fluidity, leveraging excess capacity, and driving strong incremental margins." - CIBC

12 of 24 brokerages rate the stock "buy" or higher, 11 "hold" and 1 "sell"; their median PT is C$154.50 - LSEG compiled data

Including session's moves, CNR stock is down ~8.8% YTD