Downgrades Hold Sell X

CNI Canadian Nat’l Rail

Loop Capital

Upgrades Hold Buy X

CNI Canadian Nat’l Rail

Stifel

$132 $120

Upgrades Hold Buy X

CNI Canadian Nat’l Rail

Jefferies

$120

Upgrades Neutral Overweight X

CNI Canadian Nat’l Rail

JP Morgan

Upgrades Neutral Buy X

CNI Canadian Nat’l Rail

Citigroup

$126 $130

Upgrades Sec Perform Outperform X

CNI Canadian Nat’l Rail

RBC Capital Mkts

Initiated Neutral X

CNI Canadian Nat’l Rail

Citigroup

$125

Upgrades Eq Weight Overweight X

CNI Canadian Nat’l Rail

Wells Fargo

$125

Downgrades Buy Neutral X

CNI Canadian Nat’l Rail

BofA Securities

$129 $122

Downgrades Outperform Mkt Perform X

CNI Canadian Nat’l Rail

Bernstein

Upgrades Sec Perform Outperform X

CNI Canadian Nat’l Rail

National Bank Financial

Initiated Equal Weight X

CNI Canadian Nat’l Rail

Wells Fargo

$130

Upgrades Neutral Buy X

CNI Canadian Nat’l Rail

BofA Securities

$140 $145

Initiated Hold X

CNI Canadian Nat’l Rail

Jefferies

$130

Downgrades Sec Outperform Neutral X

CNI Canadian Nat’l Rail

CIBC

Downgrades Buy Hold X

CNI Canadian Nat’l Rail

TD Securities

Downgrades Buy Hold X

CNI Canadian Nat’l Rail

Deutsche Bank

$125 $121

Downgrades Buy Neutral X

CNI Canadian Nat’l Rail

BofA Securities

$131 $115

Upgrades Mkt Perform Outperform X

CNI Canadian Nat’l Rail

Raymond James

Downgrades Buy Hold X

CNI Canadian Nat’l Rail

Argus

Downgrades Outperform Sec Perform X

CNI Canadian Nat’l Rail

RBC Capital Mkts

Downgrades Buy Neutral X

CNI Canadian Nat’l Rail

Citigroup

$139 $125

Upgrades Eq-Weight Overweight X

CNI Canadian Nat’l Rail

Morgan Stanley

Upgrades Hold Buy X

CNI Canadian Nat’l Rail

Desjardins

Upgrades Sec Perform Outperform X

CNI Canadian Nat’l Rail

RBC Capital Mkts

Downgrades Neutral Sell X

CNI Canadian Nat’l Rail

Goldman

Upgrades Neutral Buy X

CNI Canadian Nat’l Rail

BofA Securities

$128 $135

Downgrades Outperform In-line X

CNI Canadian Nat’l Rail

Evercore ISI

$129

Downgrades Sec Outperform Sec Perform X

CNI Canadian Nat’l Rail

Scotiabank

Initiated Neutral X

CNI Canadian Nat’l Rail

Credit Suisse

$122

Upgrades Neutral Sec Outperform X

CNI Canadian Nat’l Rail

CIBC

Upgrades In-line Outperform X

CNI Canadian Nat’l Rail

Evercore ISI

$128

Upgrades Mkt Perform Outperform X

CNI Canadian Nat’l Rail

BMO Capital Markets

Downgrades Outperform Mkt Perform X

CNI Canadian Nat’l Rail

Raymond James

Resumed Neutral X

CNI Canadian Nat’l Rail

JP Morgan

Upgrades Hold Buy X

CNI Canadian Nat’l Rail

Deutsche Bank

$129 $137

Downgrades Buy Hold X

CNI Canadian Nat’l Rail

Vertical Research

Resumed Equal-Weight X

CNI Canadian Nat’l Rail

Morgan Stanley

$150

Initiated Neutral X

CNI Canadian Nat’l Rail

Atlantic Equities

Downgrades Outperform Sec Perform X

CNI Canadian Nat’l Rail

RBC Capital Mkts

Resumed Hold X

CNI Canadian Nat’l Rail

Stifel

$118

Upgrades Hold Buy X

CNI Canadian Nat’l Rail

Vertical Research

Upgrades In-line Outperform X

CNI Canadian Nat’l Rail

Evercore ISI

Downgrades Outperform Mkt Perform X

CNI Canadian Nat’l Rail

Cowen

$116 $107

Resumed Hold X

CNI Canadian Nat’l Rail

The Benchmark Company

Downgrades Sec Outperform Sec Perform X

CNI Canadian Nat’l Rail

Scotiabank

Upgrades Underweight Eq Weight X

CNI Canadian Nat’l Rail

Barclays

Upgrades Mkt Perform Outperform X

CNI Canadian Nat’l Rail

Bernstein

Initiated Neutral X

CNI Canadian Nat’l Rail

Goldman

Downgrades Outperform Sec Perform X

CNI Canadian Nat’l Rail

RBC Capital Mkts

Downgrades Buy Hold X

CNI Canadian Nat’l Rail

Desjardins

Downgrades Outperform Neutral X

CNI Canadian Nat’l Rail

Macquarie

Upgrades Neutral Outperform X

CNI Canadian Nat’l Rail

Credit Suisse

Upgrades Eq-Weight Overweight X

CNI Canadian Nat’l Rail

Stephens

Reiterated Outperform X

CNI Canadian Nat’l Rail

Cowen

$98 $96

Downgrades Buy Neutral X

CNI Canadian Nat’l Rail

BofA/Merrill

Upgrades Neutral Buy X

CNI Canadian Nat’l Rail

Citigroup

Upgrades Neutral Outperform X

CNI Canadian Nat’l Rail

Macquarie

Reiterated Hold X

CNI Canadian Nat’l Rail

Stifel

$83 $88

Upgrades Hold Buy X

CNI Canadian Nat’l Rail

Deutsche Bank

$81 $95

Resumed Hold X

CNI Canadian Natl Rail

Stifel

$84

Downgrades Buy Neutral X

CNI Canadian Natl Rail

Goldman

Downgrades Sec Outperform Sec Perform X

CNI Canadian Natl Rail

CIBC

Reiterated Outperform X

CNI Canadian Natl Rail

Cowen

$86 $87

Upgrades Mkt Perform Outperform X

CNI Canadian Natl Rail

Raymond James

Downgrades Neutral Underperform X

CNI Canadian Natl Rail

BofA/Merrill

Reiterated Outperform X

CNI Canadian Natl Rail

Cowen

$90 $86

Downgrades Buy Hold X

CNI Canadian Natl Rail

Argus

CNI  Canadian National Railway Company

Canadian National Railway Company is engaged in the rail and related transportation business. The Company's network of approximately 20,000 route miles of track spans Canada and mid-America, connecting approximately three coasts, including the Atlantic, the Pacific and the Gulf of Mexico and serving the cities and ports of Vancouver, Prince Rupert (British Columbia), Montreal, Halifax, New Orleans, and Mobile (Alabama), and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth (Minnesota)/Superior (Wisconsin), and Jackson (Mississippi), with connections to all points in North America. Its network and connections to all Class I railroads provide its customers access to the three North American Free Trade Agreement nations. It carries over 300 million tons of cargo, serving exporters, importers, retailers, farmers and manufacturers. Its freight includes seven commodity representing a portfolio of goods.