** National Bank of Canada downgrades Canadian Pacific Railway to “sector perform” from “outperform”
** NBC also cuts price target on Canadian National Railway by C$2 to C$124
** Says the biggest concern for railroad operators is macroeconomic outlook as recent data reinforces brokerage’s cautious view
** Cass Freight Index fell 6% year-over-year in May, marking a sixth straight qtr of declines and industrial production marginally rose 0.4% in May - NBC
** Says CP stock rose in Q2, making it less attractive now
** CP has surged 26.6% YTD compared to an 18.6% rise for CNR in the same period (Reporting by Debroop Roy in Bengaluru)
Our Standards: The Thomson Reuters Trust Principles.