BMO Capital Markets maintains its Buy rating and $84 price target on Market Perform-rated Canadian National Railway CNI as CTA announces 9.5% increase in grain freight rates for 2012-2013 crop year.
BMO Capital Markets comments, "The Canadian Transportation Agency (CTA) has announced a 9.5% increase in the Volume-Related Composite Price Index (VRCPI), which is used in determining the revenue caps for CN and CP for the movement of western grain for the 2012-2013 crop year beginning August 1. The VRCPI takes into account forecasted costs for labour, fuel, material and
other railway expenses."
CNI closed at $84.30 on Monday.
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