| TOP PICK | 52.500 | Laura Wallace | Best railroad in North America by a long shot. Higher return on equity. Better operating ratios. More consistent earnings. Trading at the lowest PE of any of the major rails in North America. | 2008-08-19 | |
| BUY on WEAKNESS | 54.110 | Michael Decter | Close to a good entry point. Probably the best run railroad in North America. You might get it lower if you’re patient. Try to get it under $50. | 2008-08-18 | |
| BUY | 56.160 | David Burrows | Likes the rails. As a group, they are doing very well. Have great pricing power. If he liked the Canadian market better, he probably would own this one. Would like this better if it broke through $56.50. | 2008-08-05 | |
| SELL | 54.260 | Ken McCord | Not a good hold right now. Volume on consumer goods is down and expenses are up. | 2008-07-29 | |
| Comment | 53.280 | Andrew Guy, CFA | A business that moves economic goods around the country. A slowdown of the economy will create some slowdown in the rails. Good long-term. | 2008-07-22 | |
| Comment | 47.600 | David Burrows | Ultimately rails will turn around and do very well. This one had issues due to the strong Cdn$. If looking for a switch, some of the agricultural stocks such as Potash (POT-T), Agrium (AGU-T) or Monsanto (MON-N) would be good. If you are going to stay in rails, he would look at CSX Corp (CSX-N). | 2008-07-11 | |
| DON'T BUY | 46.250 | Benj Gallander | (Market Call Minute.) In a dangerous phase because it is still fairly high priced and if there is an economic recession they will lose a lot of their abilities. | 2008-07-04 | |
| Comment | 50.580 | Colin Stewart | Longer-term, an excellent way to play the infrastructure and agricultural boom in Canada. Might consider this one if there is a pullback in the Canadian markets. | 2008-06-25 | |
| BUY | 50.580 | Paul Harris, CFA | It is much cheaper to transport by rail as opposed to trucking. The one thing that hurt them is the strong Cdn$. | 2008-06-25 | |
| TOP PICK | 50.570 | Laura Wallace | Have a 1 to 2 month lag on the fuel surcharge, so doesn’t feel the impact. Great way to participate in international growth. Best operating ratios in North America. Trading at a discount to its peers. Good for the medium to long-term horizon. Good dividend and a great record of increasing them. | 2008-06-18 | |
| BUY | 50.280 | Don Lato | Very reasonably priced. Trading at about 13/14X next year's earnings. | 2008-06-11 | |
| BUY | 52.520 | David Baskin | Expensive oil is positive for the rails. They are about 4 times more efficient than trucks per ton-mile of freight. Rails are going to make a lot of money hauling commodities. Everybody should own one of them. | 2008-06-10 | |
| BUY on WEAKNESS | 54.690 | Bruce Campbell | Not as bad as airlines but the rails do have fuel as an input. This has hurt them, but the stocks have rebounded nicely and a little higher than he would have thought. He would like to see a pullback of 10% before buying. | 2008-05-26 | |
| TOP PICK | 54.610 | Laura Wallace | Best operator of North American rails by a long shot. Rails are taking business away from the trucking industry. As Asia continues strong, shipping to the coast should be good. Great record of increasing dividends. | 2008-05-23 | |
| DON'T BUY | 54.610 | Ken McCord | Kind of agnostic to the industry and under whelmed by this company. Although grains, fertilizers, etc. are being shipped, building materials, automobiles, etc. are not being shipped as much. Cdn$ appreciation has hurt them. Diesel fuels have gone through the roof. | 2008-05-23 | |
| TOP PICK | 53.900 | Peter Brieger | Looking ahead to an economic recovery. This and Canadian Pacific (CP-T) are the cheapest in North America. Historically this has been the most efficient operator. | 2008-05-01 | |
| BUY | 51.860 | David Driscoll | Likes all the North American railroads. Likes the Prince Rupert port potential for the next 3 or 4 years. Good price. | 2008-04-23 | |
| TOP PICK | 51.860 | Laura Wallace | Cut their forecast because of weather. That's a good time to buy a company, because weather is not a fundamental factor for them. Remains the best operator in North America. Believes global demand is going to remain reasonably strong and the railways will benefit from this. Dividend has grown 22% in the last 5 years. | 2008-04-23 | |
| BUY | 52.460 | David Burrows | Will be coming out with earnings on Monday and analyst are estimating $.65 per share for the quarter. This is a tremendous operator. Extremely good at making their numbers. Stronger Cdn$ has had an impact on expectations so the stock has suffered. If he had to pick between Canadian National and Canadian Pacific (CP-T), he would pick the latter because they are more of a bulk shipper. | 2008-04-18 | |
| HOLD | 49.680 | Michael Sprung | In the rail sector, he prefers and owns Canadian Pacific (CP-T) as opposed to this one. Dynamics for CP are a little more Canada centric with grain handling, coal. CNR will be hit more with the slowdown in the US. Earnings forecasts are in the neighbourhood of $3.50/$3.60 this year, going up to the $4 level next year. | 2008-04-15 | |
| PAST TOP PICK | 49.420 | Bruce Campbell | (A Top Pick Apr 2/07. Down 2 and %.) Felt the market was approaching a downturn> This was a safer and lower multiple way of playing and still have some economic sensitivity. Sold earlier this year with the intention of buying this or Canadian Pacific (CP-T) back. If reported earnings coming out are poor, stock will drop and this would be when he would buy. | 2008-04-11 | |
| Comment | 49.420 | Paul Thornton | The railroad sector is very strong right now, especially in the US. Canadian National (CNR-T) and Canadian Pacific (CP-T) are not trading very well right now and he is not sure why. He prefers Canadian Pacific. | 2008-04-11 | |
| WAIT | 49.790 | Norman Levine | UPS (UPS-N) announced net earnings and said the outlook is bad. That hurt all of the transportation stocks. Transportation stocks had been rallying and hadn't been acting too badly but it looks like they will roll over again. Transportation is the ”Canary in the mines” and you can get a pretty good idea of what is happening in the economy through rails, trucks and airfreight. When this stock sells off again, that is the time to Buy. | 2008-04-10 | |
| WATCH | 51.550 | Ron Meisels | Both Canadian National (CNR-T) and Canadian Pacific (CP-T) are the kind of stocks that start off together with the bull market. Sometimes the picture does not look so exciting but they are both usually the leaders in a bull market. Once a gets past $53, this is a signal that there could be an up leg. | 2008-04-08 | |
| WEAK BUY | 49.650 | Norman Levine | Good long term. Not exciting recently. Most efficient and well run. Good growth prospects. CP has less U.S exposure and more commodity exposure so it’s held up much better. | 2008-03-27 | |
| WEAK BUY | 48.670 | Paul Harris, CFA | Like the rail business. One of the better run companies. May be some volatility, the strength of the Canadian dollar hurts them. It will do well in the next couple years. | 2008-03-20 | |
| BUY | 48.670 | Robert Floyd | The rails he likes, in both US and Canada. If you don't own it, take a hard look at CN and CP. | 2008-03-20 | |
| WEAK BUY | 49.120 | David Baskin | Like both the railroads, favour CP. The commodities boom is favourable to the Canadian railways. Worth owning. | 2008-03-18 | |
| WEAK BUY | 48.320 | Ron Meisels | CN and CP are both basically the same. About to begin a better year than we had for the last 6 months. Big caps such as this should recover quite well. Take defensive measures. It should start moving back up. | 2008-03-14 | |
| BUY | 50.130 | Norman Levine | (Market Call Minute.) For a longer-term investor, this is the best railway in North America. | 2008-03-10 | |
| SELL | 50.830 | John Zechner | In the short term, he would be out of the rails. Thinks they will miss the area of expectation for the next couple of quarters. They are great longer-term plays. | 2008-03-06 | |
| HOLD | 52.050 | Robert Floyd | Likes the rails right now. Could see some higher prices going out a couple of months. In Canada, he prefers Canadian Pacific (CP-T) because of the strong demand for a lot of resources. Also have more of an East/West capacity. | 2008-02-29 | |
| HOLD | 54.150 | Norman Levine | Best run railroad in North America. In the last couple of years, we have been in a commodity market and Canadian Pacific (CP-T) moves more commodities than this company. The North South business has not fared as well as the East West commodity business. In the long run, this is still the place to be. | 2008-02-26 | |
| WAIT | 52.710 | David Burrows | A lot of rail stocks had nice rallies off the January lows. This one hasn't been the absolute best one of the bunch but they have all looked a lot better. If he had to pick one, he would prefer Canadian Pacific (CP-T) because of the East/West shipping business. CN has a little bit more north/south. Rails have rallied up where there may be some price resistance. If you get a 10% increase, it would indicate acceleration. | 2008-02-15 | |
| TOP PICK | 50.400 | Bob Stodgell | A bit of a sensitive economic call. Has held up relatively well compared to the rest of the market. Great company. | 2008-02-07 | |
| TOP PICK | 49.550 | Laura Wallace | Even with an economic slowdown in the US, growth in Asian and non-North American economies has driven volume growth and pricing and they have been able to benefit from this. Taking of market share from the trucking industry should continue working in their favour. Expects to see earnings growing at quite a clip by 09. | 2008-01-30 | |
| PAST TOP PICK | 44.810 | Brian Acker, CA | (A Top Pick Jan 17/07. Down 12% on total return.) Model price is eroding but his model price is $56.46, a 24% positive differential. The down side on this stock is $43.35, which he thinks is the bottom. Good risk/reward even if you wanted to buy it today. | 2008-01-17 | |
| WAIT | 44.670 | Peter Brieger | High on his radar screen. Looking at this and Canadian Pacific (CP-T) this would be his first choice. Cheap relative to some of the US rails. His concern is the US economy. | 2008-01-11 | |
| HOLD | 45.370 | Norman Levine | (Market Call Minute.) In the near-term, it's a Hold, but in the long term it's a BUY. | 2008-01-07 | |
| DON'T BUY | 46.590 | Peter Brieger | Compared to Canadian Pacific (CP-T) it is selling at a lower P/E and the yields are comparable. In the 5 major rail companies, these two are the cheapest. If you are worried about a US slowdown, rails are the last place you want to be. | 2007-12-28 | |
| WAIT | 46.640 | David Cockfield | Canadian National (CNR-T) and Canadian Pacific (CP-T) are economy stocks. People are worried about the economic progress in 08 and into 09. This one is probably more exposed because they are more south of the border. Could drop further, closer to $40. | 2007-12-21 | |
| Comment | 46.620 | Brian Acker, CA | He has a model price of $60.51 giving it about a 30% positive differential. Volatile and there could be more downside and it could fall to $42.90. | 2007-12-20 | |
| BUY | 47.770 | David Baskin | (Market Call Minute.) In a tough situation right now. They are worried about US volume. Stock has come down and is probably a good buy. He prefers Canadian Pacific (CP-T). | 2007-12-18 | |
| Comment | 47.770 | Norman Levine | By far the best railroad in North America. In the near term, because they have a lot of US exposure, will probably under perform Canadian Pacific (CP-T).. | 2007-12-18 | |
| TOP PICK | 48.050 | Norman Levine | (His 3 Top Picks will not give you instant gratification, but are to be held for 1, 2, 3 years.) Fabulously run. More efficient and profitable than everybody else. Have 2 headwinds. 1) Biggest product they move is forestry product. 2) Exposed to the US economy because of their US operations. | 2007-12-03 | |
| DON'T BUY | 48.140 | Derek Webb, CFA | Earnings for the railroads have been going down. This is partially due to the stronger Cdn$, which has weakened exports. Also, the North American economy has been slowing. | 2007-11-28 | |
| DON'T BUY | 45.620 | Paul Thornton | All rails have broken their up trends. The group did extremely well for a couple of years as fuel prices ran higher and a better alternative to trucking. In the short run, this group does not look good. There may be quite a bit more downside and no upside in the immediate short term. | 2007-11-21 | |
| BUY | 46.700 | Gavin Graham | Most efficient railway in North America. Owned for a very long time. Has by far the lowest operating ratio. Raising its dividend every year. Long term it’s a great play. | 2007-11-19 | |
| DON'T BUY | 47.160 | Paul Thornton | Railroads were a surprisingly great sector up until earlier this year, due to very high freight rates and a lot of commodities being shipped. Since the spring, it has not done very well and has worsened in the last few months. Would stay away from this group right now. | 2007-11-16 | |
| BUY | 49.180 | Norman Levine | Long-term, he loves this one. Because of economic sensitivities, in the short run rails are a little weak. | 2007-11-09 | |
| BUY | 50.320 | Michael Sprung | Both CNR and CP (CP-T) are measures of the economy as a whole and overall he feels the agriculture business is fairly strong. Moving of coal, ore and resources has also been very strong. | 2007-11-06 | |
| BUY | 51.430 | Brian Acker, CA | The model price is $65.44, a 24% positive differential. | 2007-11-01 | |
| HOLD | 52.990 | Veronika Hirsch | Prefers Canadian Pacific (CP-T). Great company but has more exposure to the US economy, one of the poorest performers. A large portion of their shipments is lumber, which is doing poorly. A lot of their business is based on the US$. Fairly cheap and does have a dividend. | 2007-10-31 | |
| DON'T BUY | 51.220 | Stephen Carlin | All about the Canadian dollar, they cant beat a 21% appreciation in the Canadian dollar. Has one of the best operating managements out there. Not a whole lot of upside from here. | 2007-10-25 | |
| BUY | 51.390 | David Baskin | Bullish on the railways in general. CNR had a bit soggy earnings. (Due to the forestry sector). The rails have an increasing advantage over the highway trucking sector, because they are more efficient. | 2007-10-23 | |
| TOP PICK | 52.250 | Bob Stodgell | Big huge US footprint. If the US economy bounces back, or even just muddles through this will do well.
Economic risk, but you've got to take some risks. | 2007-10-18 | |
| SELL | 51.430 | Bill Carrigan | Rails have been a good story. He wouldn't add, recommends reducing if you have it. Be cautious with this group, believes it has been oversold. | 2007-10-17 | |
| TOP PICK | 52.030 | Laura Wallace | Could be a little choppy depending on what happens in the US economy, doesn't think there will be a recession. | 2007-10-15 | |
| DON'T BUY | 52.830 | Robert Floyd | Slowdown in the US could be a problem for this company. Would consider looking at it a little lower. Would prefer Canadian Pacific (CP-T) at this stage. | 2007-10-12 | |
| BUY | 53.740 | Brian Acker, CA | His model price is $68.40, a 27% positive differential. | 2007-10-10 | |
| HOLD | 55.290 | Ross Healey | Continues to truck along at about 2.5X Book. His Fair Market Value is really high. Extraordinarily well run railway. | 2007-10-05 | |
| BUY | 55.850 | Paul Gardner, CFA | Great company. Operates efficiently. Have done a ton of acquisitions and mergers. | 2007-10-03 | |
| BUY | 56.760 | David Cockfield | Rails are economy stocks, so you have to feel reasonably confident Canadian economy is going to chug along. Despite concerns in the US, he feels Canada will do okay. Made a good purchase of a short rail line around Chicago allowing them to ship around the Chicago bottleneck. | 2007-09-28 | |
| WEAK BUY | 56.900 | David Baskin | New acquisition in middle of U.S will cut rail travel time by a day. Not a big enough change to really affect company. Big on rails. As fuel gets more attractive they become more attractive. Prefer CP. If you’re a strategic investor with long view (5+ years), CP makes sense. | 2007-09-26 | |
| Comment | 56.740 | Gordon Higgins, CA, MBA, CFA | Prefers Canadian Pacific (CP-T), which has the ability to improve its efficiencies. Nothing wrong with this company, he just can't own everything. | 2007-09-12 | |
| BUY | 55.690 | Alex Ruus | Likes the rail space. Over the long term, the best position would be in Burlington Northern (BNI-N), but currently with the strong Cdn$ this is a good company. | 2007-09-04 | |
| BUY | 53.780 | Brian Acker, CA | His model price is $63.40. An 18%-19% positive differential. | 2007-08-30 | |
| BUY | 54.120 | Norman Levine | Has held up very well. The premiere growth railroad in North America. The best run and the best margins. Good price. Has a new port facility coming on in Prince Rupert, which will be a major win for them. | 2007-08-29 | |
| BUY | 55.080 | Brian Acker, CA | His model price is $63.20. Almost 20% positive differential. | 2007-08-22 | |
| BUY | 55.080 | Paul Gardner, CFA | One of the premier Canadian stocks. Returns have been very healthy. A proxy for the economy and with fuel prices generally higher, rails do a better job than trucks. Operating metrics have come in better. | 2007-08-22 | |
| HOLD | 53.130 | Norman Levine | The premier rail company in North America. The most profitable, the best growth prospects and the best run. As it weakens there is no reason not to buy it. | 2007-08-15 | |
| PAST TOP PICK | 55.810 | Bruce Campbell | (A Top Pick July 27/06. Up 20%.) If the economy holds together, it could reach $65 in one year. | 2007-07-09 | |
| DON'T BUY | 55.090 | Chyanne Fickes | Having some issues with carloads being down due to slowing economy and manufacturing getting hit. Now trading at a discount to Canadian Pacific (CP-T). | 2007-07-05 | |
| DON'T BUY | 54.550 | David Burrows | Transport stocks did very well up into the spring and then a number of them started selling off. Sold his holdings. | 2007-06-22 | |
| BUY on WEAKNESS | 56.230 | Brian Acker, CA | The model price is $67.83. A 24% positive differential. If the price fell to $53.22, he would build up the truck. | 2007-06-21 | |
| BUY | 54.940 | Michael Decter | Has had a terrific run and is softening a little bit. Best run railroad in North America. Has suffered a little bit because of derailments. | 2007-06-20 | |
| WEAK BUY | 55.820 | James Cole, BA, CFA | Railroads have advantages in fuel over truckers. Is considering, at possible entry points. Doesn't own now. | 2007-06-12 | |
| BUY | 0.740 | Norman Levine | Long term outlook for CN.
New terminal in Prince Rupert, in BC.
| 2007-06-12 | |
| TOP PICK | 56.550 | Laura Wallace | The best operator in North America. It's going to be bouncy. But it's a great way to tap into international growth.
Risk is a global recession.
They bought at $46
| 2007-06-08 | |
| BUY | 55.750 | Brian Acker, CA | 21.5% positive differential
They like it.
He thinks it will do well.
Buy at $53.24
| 2007-06-07 | |
| TOP PICK | 0.770 | Kenneth P. Norquay, CMT | It's in an uptrend. Has a "cup and handle" and has moved out of the handle part, and is moving up again. A very good consolidation pattern.
Cup and handle is uptrend, a little dip, sideways. | 2007-06-01 | |
| TOP PICK | 58.220 | Norman Levine | The best run railway in North America and with the best growth opportunities, in margins and its revenue base. New terminal in Prince Rupert, B.C. Possibly new ocean port in Nova Scotia. | 2007-05-30 | |
| Comment | 57.220 | Brian Acker, CA | Has about 20% positive differential. | 2007-05-24 | |
| TOP PICK | 58.430 | Laura Wallace | The best company in North America. Approaching 20% ROE. Has a good record of increasing dividends. | 2007-05-23 | |
| TOP PICK | 57.850 | Hap (Robert) Sneddon FCSI | The recent break from past congestion stood out. Settlement of the strike and are past the worst weather in the West. Excellent cash flow. | 2007-05-08 | |
| BUY | 57.850 | David Baskin | Both rail carriers, Canadian National (CNR-T) and Canadian Pacific (CP-T) are doing very well operationally. As fuel prices continued to rise, they have very bright future. | 2007-05-08 | |
| HOLD | 56.250 | John Zechner | Would be a little cautious over the next year or so. Had a tougher 1st quarter due to labour and weather. Brought the operating ratio down to an unheard-of level. Good long-term growth story, but is concerned about an economic slowdown. | 2007-04-25 | |
| Comment | 53.400 | Michael Sprung | US rails are showing a little bit better valuation characteristics due to the problems they are having in their economy. Because of this, he has been buying Canadian Pacific (CP-T) instead. | 2007-04-11 | |
| HOLD | 53.580 | David Baskin | Even with the downturn in the US economy, there is a lot of coal being hauled as well as a lot of other general commodities. | 2007-04-09 | |
| BUY | 50.900 | Stephen Carlin | Both Canadian National (CNR-T) and Canadian Pacific (CP-T) had negative earnings revisions in the 1st quarter. A lot of it was weather related (coal shipment for CP). Still sees 5%-10% earnings growth. | 2007-04-05 | |
| HOLD | 51.300 | Peter Brieger | A blue-chip Canadian company that will benefit from resurgence in the North American economy. | 2007-04-04 | |
| TOP PICK | 51.790 | Bruce Campbell | A good value stock at 13-14 X earnings. They announced the 1st quarter was going to be down 5% to 10%, which pushed the stock down. A decent economy in North America will get you decent earnings growth and a $60 stock. | 2007-04-02 | |
| HOLD | 51.180 | Ian Nakamoto | First-quarter was affected by weather problems. Expects they will continue to do well. The economy is fine. | 2007-03-29 | |
| BUY | 51.020 | Michael Sprung | Good entry point. Longer term, both rails will do extremely well. | 2007-03-16 | |
| BUY | 50.750 | Laura Wallace | Superbly managed company. Best in class in North America. Lowest operating ratios. Earnings will be a little weak with the impact of the strike, but only temporarily. Feels it will continue to rise on a fairly consistent basis. Economically sensitive. | 2007-03-14 | |
| HOLD | 51.450 | Ross Healey | The stock is sitting on its resistance point, so has support. Tremendous upside potential based on his FMV. Remember, if the market suspects there is any potential weakness, it tends to be chary about paying too much. If it drops to $49-$50, Sell. | 2007-03-07 | |
| Comment | 52.100 | Norman Levine | The recent strike will cause an earnings hit, but not enough to hurt the stock. | 2007-02-27 | |
| PAST TOP PICK | 53.340 | Norman Levine | (A Top Pick Oct 31/06. Down 0.7%.) Best railroad in North America. Best profit margins and growth prospects. If forthcoming strike depresses stock price, that will be a buying opportunity. | 2007-02-12 | |
| BUY on WEAKNESS | 53.100 | Jonathen Wellum, B. Comm, B. Sc | Best railroad in North America. Not inexpensive, so if you are going to buy it, you have to be comfortable and confident the economy and commodities are going to stay reasonably robust. Would look for a 10% correction to buy. | 2007-02-09 | |
| Comment | 54.960 | Bill Carrigan | The chart is trying to tell us that the economy is not doing as well as we might think. If it breaks out, it will be the last run for it. The massive patterns are Elliott 4th Wave. Watch the long bonds and be prepared to let it go. | 2007-02-01 | |
Experts that have talked about Canadian National R.R.
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