TD Securities downgraded Canadian National to Hold from Buy with an unchanged price target of C$180. The railway will be lapping “very difficult prior-year comparable in Canadian grain,” says the analyst, who sees these comps creating challenges in the first half of 2024. The firm, which also notes the potential for labor action in Canada , says strikes are “usually short-lived in Canada and obviously one-time, but not helpful to investor sentiment.”
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- North American rail traffic up 23.3% for the week ending December 23
- Canadian National price target raised to C$172 from C$168 at National Bank
