Canadian National price target lowered to $140 from $143 at Susquehanna

Susquehanna analyst Bascome Majors lowered the firm’s price target on Canadian National to $140 from $143 and keeps a Neutral rating on the shares. The firm reviewed the rail industry for the upcoming Q1 earnings season and said the firm remains selectively constructive as the rail industry shows cyclical stability into 2Q, but they are actively looking for mid-term entry points on short-term stumbles. They noted Q1 is ending similarly to the way it started; comfortable with slow but stable volumes, and enthusiastic about the rails’ pricing power relative to deepening rate-driven pain in truckload. They said with greater conviction in cyclical stability they raised target multiples across the U.S. rails.