BofA downgraded Canadian National (CNI) to Neutral from Buy with a price target of $115, down from $131. The analyst has a preference for carriers with elevated service improvement potential, such as CSX (CSX) and Union Pacific (UNP). The firm believes volume pressure may drag on Canadian National’s operations. It cut estimates to account for a slower volume ramp given share loss, led by a labor strike at the Port of Vancouver and Price Rupert earlier in the quarter as well as a slower rebound than expected.
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