Desjardins Securities Raises Targets on Canadian Railway Companies: Positive Outlook for CNR and CP

Desjardins Securities Raises Targets on Canadian Railway Companies: Positive Outlook for CNR and CP

Desjardins Securities Bullish On Railways

Date: January 18, 2024

Desjardins Securities (Rank#71) has raised its targets on two prominent players in the railway sector, Canadian National Railway (CNR) and Canadian Pacific Railway (CP). This adjustment in target prices reflects a positive sentiment from Desjardins Securities towards the growth and performance of these key players in the Canadian transportation industry.

Canadian National Railway (CNR:CA)

Overview: Canadian National Railway, with a market capitalization of CAD 107.43 billion, stands as a significant force in the rail transportation sector. Desjardins Securities has not only reiterated its “Buy” rating but has also raised the target price for CNR.

Analyst Recommendations:

  • Rating: Buy
  • Target Price: CAD 189 (Up from the previous target of CAD 165.13)
  • Market Performance: CAD 165.13 (-0.45%) at the last market close

Desjardins Securities has increased its target by approximately 14%, signaling confidence in the growth potential of Canadian National Railway’s stock. This bullish outlook aligns with the current stance of stockTargetAdvisor, which maintains a “Buy” recommendation and a “Slightly Bullish” sentiment as of January 18, 2024.

Canadian Pacific Railway (CP:CA)

Overview: Canadian Pacific Railway, boasting a market capitalization of CAD 97.32 billion, is another major player in the Canadian rail industry. Desjardins Securities, with a “Buy” rating, has raised the target price for CP as well.

Analyst Recommendations:

  • Rating: Buy
  • Target Price: CAD 118 (Up from the previous target of CAD 107.87)
  • Market Performance: CAD 107.87 (+5.06%) at the last market close

Desjardins Securities’ upward revision of the target by around 9.5% underscores the positive outlook for Canadian Pacific Railway’s stock. This optimistic sentiment is further reinforced by stockTargetAdvisor, which not only maintains a “Buy” recommendation but has upgraded its sentiment to “Bullish” as of January 18, 2024.

Implications and Considerations:

The decision by Desjardins Securities to raise targets on both Canadian National Railway and Canadian Pacific Railway suggests a robust belief in the growth potential of these companies. Investors may find the increased target prices and positive sentiments from both Desjardins Securities and StockTargetAdvisor as encouraging indicators.

 

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