UPDATE: Jefferies Raises PT on Canadian National Railway from $69 to $72

Jefferies maintained an Underperform rating on Canadian National Railway

and increased its price target from $69 to $72. Jefferies wrote, “CNI beat 2Q expectations and modestly raised 2012 guidance. Even still, limited margin expansion opportunities and a shift to a topline story seems less attractive vs. other transport names. Reiterate Underperform.” Canadian National Railway closed at $85.53 on Wednesday.