Stifel lowered the firm’s price target on Canadian National to $122 from $125 and keeps a Hold rating on the shares. The current environment for the railroad industry is “certainly a challenge,” though the good news is volumes have seemingly bottomed, fuel impacts should reverse in Q4 and efficient operations should allow for improved territory in the fourth quarter and into 2024, says the analyst in Q3 rail group preview note. The firm would own the group into the end of the year as results improve against easier comps, the analyst added.
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