Canadian National Railway on Track to Head 12% Higher

CNI broke from a cup-and-handle formation with a trading target of $65

   
Canadian National Railway on Track to Head 12% Higher

Canadian National Railway (CNI) — Canada’s largest railroad links customers in Canada, the U.S. and Mexico, and has direct lines from the Alberta oil sands to the Gulf Coast refineries. 

S&P recently raised its 12-month price target to $68 from $63 based on “a favorable view of volume and pricing trends.” S&P said it considers CNI to be “the most efficiently run of the major North American railroads.” 

The company completed a 2-for-1 common stock split in the form of a stock dividend of one additional common share of CNI for each share outstanding on Nov. 29. Its board approved plans to buy back approximately 4% of the common shares not held by insiders. Consensus earnings estimates are for $3.48 per share in 2014 and $3.92 in 2015. 

On Monday, the stock broke from a cup-and-handle formation with a trading target of $65. MACD is in a strong bullish position. Buy CNI at the market price.

04 29 14 cni 300x191 Canadian National Railway on Track to Head 12% Higher
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chart key 300x84 Canadian National Railway on Track to Head 12% Higher


Article printed from InvestorPlace Media, http://investorplace.com/2014/04/trade-day-canadian-national-railway-cni-2/.

©2014 InvestorPlace Media, LLC

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