Susquehanna lowered the firm’s price target on Canadian National to $112 from $120 and keeps a Neutral rating on the shares. The firm said they expect a challenging 3Q for most rails and model below quarterly consensus EPS for every Class I. Susquehanna sees an average downside risk to 2024 EPS of mid-single digits for the group and they believe rail management teams are setting low expectations into this earnings season, for what could finally approach capitulating estimate cuts into November and early 2024.
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