Canadian National upgraded by Bank of America on volume gains, attractive valuation

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.