Citi analyst Christian Weatherbee lowered the firm’s price target on Canadian National to $122 from $125 and keeps a Neutral rating on the shares ahead of the Q2 results. The firm reduced estimates for the Canadian rails and sees better prospects in the near-term for U.S. carriers. The U.S. over Canada trade has been working, and it has further room to run into the second half of 2023 as intermodal volumes are beginning to show signs of sequential improvement, and we are likely at or near the trough on headcount versus volume growth, the analyst tells investors in a research note.
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