UPDATE: National Bank Financial Raises PT on Canadian National Railway Ahead of Q3 Earnings

National Bank Financial Maintains reiterated its Sector Perform rating on Canadian National Railway

but raised its price target from $88 to $89. Financial Maintains Canadian noted, "[K]ey economic indicators, some volumes, other industry participants and even CN management itself are suggesting a slowdown in growth for the rails. CN shares are currently trading at 13.8x our 2013 earnings forecast, which is in line with the long-term average forward multiple of 14x. Given the economic uncertainty, we don't believe that CN shares should be trading at a premium valuation to historical levels, hence our Sector Perform rating." Canadian National Railway closed at $88.84 on Tuesday.