12:40 PM EST, 01/31/2025 (MT Newswires) -- National Bank has trimmed its one year target on CN Rail to $176 (from $178) and maintained its Outperform rating.

"We maintain our Outperform rating on CN Rail based primarily on relative valuation," writes analyst Cameron Doerksen. On his updated 2025 forecast, CN shares are trading at 19.4 P/E, which is below the five-year forward average of ~22x for the stock and in line with the U.S. peer group (CN has historically traded at a ~2.0 turn premium to the U.S. peers).

"We remain hopeful for a better 2025 for CN Rail, but concede that the company may need to show solid execution in the coming quarters if the stock is to move meaningfully higher," Doerksen writes.

Price: 153.15, Change: +0.89, Percent Change: +0.58