June 27, 2019 / 3:22 PM / 5 months ago

BUZZ-NBC cautious on Canadian railroad operators due to macroeconomic concerns

** 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)

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