Canadian National R.R. (CNR.TO) Buy, Sell or…

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Canadian National R.R. (CNR.TO)

160.40

-0.56 (0.35%)

as of Jun 18, 2026, 8:00:00 pm Market Open.

1168 watching

Investor Insights

Jun 18, 2026, 12:00 am

This summary was created by AI, based on 45 opinions in the last 12 months.

Experts have mixed feelings about Canadian National Railway (CNR), largely viewing it as a solid long-term investment despite current challenges. The company is seen as having a unique and irreplaceable network, which is coupled with high barriers to entry and a decent dividend yield of around 2-2.7%. There is a consensus that CNR is benefiting from reduced capex after heavy investments, allowing it to accommodate growth with less immediate expenditure. However, the sentiment is tempered by concerns of a freight recession, tariffs, and a soft Canadian economy, leading some analysts to favor its competitor, CP. Overall, while the outlook includes potential volatility due to economic factors, CNR remains an attractive option for long-term investors looking for value amidst its current discounted valuation.

Consensus

Hold

Valuation

Undervalued

Similar

CP,CP

HOLD

Operational gains have seen diminishing returns. Multiple expansion has kept the stock going. Does the multiple expansion continue, are there more operational efficiencies? Both are ambiguous. That's why they tried to acquire KCU. Slowdown in durable goods, fuel cost inflation, labour price inflation. Economy may slow in the next 12-18 months. Great long-term company. If you own don't sell, but he wouldn't buy here.

HOLD

Historically the most efficient. Likes railways as a whole, the backbone of the countries. Expansion caused issues such as operating ratio increasing, which is bad. Shareholder pressure has forced them to state goals for improvement. This should play out positively in the next couple of years.

COMMENT

CN vs. CP He sold CNR earlier this year over high valuation. Both enjoy an oligopoly. Another concern is growth for both rails. Exit when the PE gets too stretch. Both were so desperate for growth that they battled over KSU. He prefers CP, though both are well run, though both PEs are rich. He'd add to CP on a pullback.

WATCH

In a maelstrom of a big investor wanting to remove the CEO and the board. Performance of the company has been dreadful so he agrees. They had pricing power, get lowest costs and best railroad efficiency ratios with a rising dividend. This has not been happening in the last few years. There is no reason for drop in cash flow, higher operating prices, etc because it is in an oligopoly.

BUY

CP vs. CN CP is in the process of buying KSU, beating out CN last month. CN is the better rail with better assets than CP. Facing an activist shareholder, CN just announced $700 million in cost savings to return to their industry-leading operating ratio. CP's issue is that it has a weaker network, but will be boosted if they absorb KSU. He's not sure it's a slam dunk that CP will win KSU, because the US federal commission may balk. If it does happen, CP will take on a lot of leverage and integration risk that will distract them in their core business that cold let CN take away some of that market share.

HOLD

CNR vs. CP Rail industry is a great area to be in. Limited competition, strong barriers to entry, environmentally friendly, pricing power, got rid of non-core assets. Continue to own them, even on the dips. As the economy gets better, they'll do well. The KSU deal will make CP more competitive with CNR. Two of the best companies in the sector in NA. Own one or both.

BUY

CNR vs. CP The takeover was a real love triangle. He's confident CP will get approval. You want to buy them into this weakness. 9% growth rate, 17.5x 2023 earnings. Will be a better entity going forward. CNR looks very good with their new strategy to better their OR over time. Both are to be owned at this point.

DON'T BUY

CP vs. CP Don't chase CN now. There's a bidding war by CN and CP for KSU. KS is talking to CP and he expects CP to win the war. He prefers CP. He's short CP, because he's long KSU. CP looks good in terms of earnings.

BUY

CN vs. CP It's surging today. Rails are good--they are the economy. CN is more of a commodity shipper and commodities are in demand. Both CN and CP will be hit by the weak grain harvest from lack of rain. He hopes CN wins the battle for KSU. (Didn't comment much on CP.) There is integration risk in buying KSU and they will need to borrow money to close the deal, but this is a short-term problem and it's worth building a network to Mexico.

COMMENT

CP today increased their offer to buy Kansas City Southern He owns none of the rails here, but owns FedEx and has long liked it and its management. This battle will go on for a while. Even if CP wins, it'll likely be a year before the deal closes, and CP will be worth $90 billion, on par with rival bidder CN. CN will still have bigger revenues than CP, while CP will carry more debt if CP wins the battle. So, CP would win the battle, but lose the war. It'll be interesting to see how much synergy CP can generate if CP wins. The short-term winner will be KCS shareholders.

BUY

CN vs. CP Easy. Go with CN. Latest news is a letter saying that the merger with KSU is not in the public interest. If the merger happens, it will be accretive long-term. If not, CN remains attractive, trading at 18x 2023 earnings while growing at 11%. At times, he's a CP guy, but here he'd pick CNR. [Note: some audio problems]

HOLD

CP vs. CNR Owns CNR. Numbers positive over the last little while, but the KSU acquisition may hamper them going into next year, with the stock moving sideways. Rail industry is great: limited competition, hard to duplicate, good pricing power, sweet spot of transportation. KSU acquisition will enhance their business. Forest fires are affecting the backlog, but this is short term.

TOP PICK

No surprises in yesterday's results. Company expects KSU deal to be approved. Reaction to the deal is way overdone. CNR is positioned well, with or without KSU. Best in class management. Excellent operating metrics. Yield is 1.89%. (Analysts’ price target is $146.26)

BUY ON WEAKNESS

If they did buy KSU, it would be a slight plus. If they don't, it wouldn't take away from CN's story. They have one of the premier network of all North American rails. If you believe that economic expansion continues, CN is well position. His only problem with all the rails is the slightly higher PE than he'd like to see. But long-term, CN is good to hold. He would buy this at $115, though, not now.

BUY ON WEAKNESS

Allan Tong’s Discover Picks The likely winner is CN, since KSU named CN's proposal “superior” in mid-May. Two years ago, I gave both stocks the nod, but gave CN the edge because of its north-south network and adding KSU's lines will only strengthen this artery. CN peaked April 11 at $148.67, which marks a 20% increase since my original call. Shares have since slid, so the gain today is only 9.1% (pre-dividend). Read Looking back after 100 weeks of Hot TSX Stocks: BAM, Rails, Garbage for our full analysis.

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