Canadian National Railway

CNI

Market cap $68.5B

Bank of America has raised its rating on Canadian National Railway (NYSE:CNI) shares to ‘Buy' from ‘Neutral,' citing improvements in service, volume growth, and an attractive valuation when compared to its peers. The firm also raised its price target on Canada's largest freight railway to US$122 from US$117, implying upside from current levels of about US$110.

CNI sets a March grain record, moving 2.96M tonnes as strong demand, rapid recovery, and network strength drive its best-ever first-quarter performance.

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MONTREAL, April 02, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that it moved more than 2.96 million metric tonnes of grain from Western Canada, setting a new record for the month of March and achieved our highest ever first quarter results for grain movement. Weekly volumes exceeded 600,000 tonnes for two consecutive weeks, reaching a peak of over 650,000 tonnes, reflecting robust network performance and demand across both the West Coast and eastern corridors.

MONTREAL, March 30, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) will issue its first-quarter 2026 financial and operating results before the markets open on April 29, 2026.

Canadian National Railway offers a robust, coast-to-coast network driving essential freight movement and resilient financial performance. CNI's Q4 2025 saw 2% revenue growth, 14.3% adjusted EPS growth, and a 250 bps operating ratio improvement to 60.1%, fueled by record grain volumes and intermodal strength. With capex set to decline by 500 million CAD and a new buyback program, CNI is positioned for enhanced free cash flow and continued dividend growth (~8% annually).

Canadian National Railway (NYSE:CNI) has been choppy this year.

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Canadian National Railway Company (CNR:CA) Presents at JPMorgan Industrials Conference 2026 Transcript

CNI has set a record 2.67M metric tons of Western Canadian grain in February 2026, adding to 2025's all-time volumes as the railroad boosts capacity and winter readiness.