Canadian National price target lowered to $140 from $155 at Argus

Argus analyst John Eade lowered the firm’s price target on Canadian National to $140 from $155 but keeps a Buy rating on the shares. High interest rates have depressed valuation multiples, but the company’s balance sheet is solid and its earnings have been on a growth track, led by volume gains in key sectors as well as margin improvement, the analyst tells investors in a research note.