Blackmont Capital has reiterated "hold" ratings on Canada's two national railways but, using a valuation approach that melds multiples of price/earnings, EBITDA and discounted cash flow, raised the price target on Canadian Pacific Railway Ltd. and lowered it for Canadian National Railway Co. Analyst Avi Dalfen's bumped up his CPR target to $78.50 from $72.75, noting that despite headwinds impacting earnings growth, the railway has the advantage of having the least exposure to U.S. economic slowing. The stock ended Tuesday at $71.80 on the TSX. CNR's target, however, drops to $59.75 from $63 as expectations for improving U.S. economic activity in the second half this year haven't materialized, he notes, citing continued deterioration in the U.S. housing sector. It closed at $54.73 on the TSX Tuesday.