RBC Capital downgraded Canadian National (CNI) to Sector Perform from Outperform with a price target of C$165, down from C$175. The company has been impacted by a “number of negative and unexpected trends” since delivering its guidance at its investor day in May, with headwinds from wildfires, lower demand and the British Columbia port strike, the analyst tells investors in a research note. The firm expects these factors to weigh on sentiment and drive fund flows out of Canadian National shares and into Union Pacific (UNP), post the Jim Vena announcement. RBC therefore sees Canadian National shares as range bound until the company’s growth profile is better understood.
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