Canadian National Railway, Crombie REIT, Richelieu: Canada Equity Preview

Shares of the following companies may have unusual moves in Canadian trading.

Canadian National Railway Co. (CNR CT): Canada’s largest railroad was downgraded to “neutral” from “overweight” at JPMorgan Chase & Co. by equity analyst Thomas Wadewitz.

Crombie Real Estate Investment Trust (CRR-U CT): The REIT, which calls itself the largest landlord in Canada’s Atlantic provinces, said it would sell at least 2.67 million units at C$11.05 a unit. The funds raised will help pay for the C$102 million ($97.7 million) purchase of 11 retail properties from Empire Co. Crombie units gained 1.3 percent yesterday to C$11.30.

Richelieu Hardware Ltd. (RCH CT): The maker of hardware for cabinets, furniture, windows and doors was raised to “buy” from “hold” at TD Newcrest Inc. by equity analyst Jessy Hayem. The 12-month target price is C$31.00 per share.

To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net

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