Canadian National price target lowered to $122 from $130 at Barclays

Barclays analyst Brandon Oglenski lowered the firm’s price target on Canadian National to $122 from $130 and keeps an Equal Weight rating on the shares. The analyst says Q2 results will be challenged for many transports given a likely trough in freight demand and still settling contract pricing for most modes. However, the firm sees “hopes of restocking” ahead for the back half of 2023. It expects Q2 ansport results will reflect a weak demand environment and could represent the trough given some favorable developments in international trade and U.S. truckload pricing.