UPDATE: Jefferies Lowers PT on Canadian National Railway on Upside 1Q Earnings

In a report published Tuesday, Jefferies analyst Peter Nesvold reiterated an Underperform rating on Canadian National Railway

, but slightly lowered the price target from $85.00 to $84.00. In the report, Nesvold noted, “CNI reported upside 1Q earnings driven by a lower tax rate. With industry leading profitability, we believe CNI is increasingly becoming a topline growth story. We continue to see better opportunity elsewhere in transports with upside margin leverage. Reiterate Underperform.” Canadian National Railway closed on Monday at $95.16.