CNI has rallied strongly since the 3Q of 2023 as investors moved ahead of the central banks with some rate cuts now built into the share price, but we see at least another 15% upside moving into 2024. CNI announced a $71m industrial acquisition for the Last Mile Logistics Partnership (LMLP) under Starwood Capital’s $500m mandate, bringing LMLP assets under management (AUM) to $147m – a good time for expansion, in our opinion. CNI hosted its AGM last November, where they reaffirmed guidance; although no material updates were provided, a foray into CNI is primarily an interest rate one.
- We are looking for CNI to initially test the $2.00 area over the coming months – we hold CNI in our Active Income & Emerging Companies Portfolios.
MM is bullish CNI around $1.70
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