Canadian National price target lowered to $122 from $124 at Stephens

Stephens analyst Justin Long lowered the firm’s price target on Canadian National to $122 from $124 and keeps an Equal Weight rating on the shares after reporting Q2 results. The shortfall this quarter was driven by weaker-than-expected volumes and the recent Canadian wildfires, the analyst tells investors. Management also cut its FY23 guidance, which was not surprising, but the magnitude of the cut was larger than expected, Stephens says. The firm believes Canadian National is well-positioned in the long-term, but the near-term will likely remain challenging.