CN upgraded to Buy at BofA on share gains, better service

As previously reported, BofA upgraded CN (CNI) to Buy from Neutral with a price target of $122, up from $117. As service improves, the company is posting share gains well ahead of the company’s flat full year target, aided by gains in record Canadian Grain crop and above target Intermodal and Auto volumes, the analyst tells investors. COO Patrick Whitehead is leading operational gains, but shares are trading at a 3-turn discount to peers, suggesting upside potential, the analyst added.