Canadian National Railway downgraded to neutral due to high valuation and modest growth.

Canadian National Railway (CNI) was downgraded to neutral as its shares trade at a high valuation near 21 times forward earnings. While Q3 results were supported by fuel surcharges, the underlying volume growth was only 4%, and organic EPS growth was about 6% year-to-date. The company’s buybacks and dividends have exceeded free cash flow, increasing leverage and leading to a negative outlook from Moody’s. The analyst suggests accumulating CNI shares during manufacturing recessions, as the current valuation offers little margin of safety despite the company’s long-term quality.

Canadian National Railway shares trade at USD 127.02 on Pluang as of Nov 11, 2026 22:41 WIB, near their 52-week high of USD 130.58. The stock shows a slight 1-day gain of 0.19% with a market cap of $74.95 billion. Investor interest remains strong with 100% buy orders on Pluang and a dividend yield of 2.11%.