Canadian National price target lowered to C$168 from C$171 at National Bank

National Bank lowered the firm’s price target on Canadian National to C$168 from C$171 and keeps a Sector Perform rating on the shares as part of a broader research note on Canadian Railroads. Following the drought-stricken harvest in Western Canada in the 2021/22 crop year, strong growing conditions during the 2022/23 crop year led to a good harvest and higher grain volumes for the railroads over the past 12 months, though this crop year, dry conditions across much of Western Canada have resulted in a relatively weak harvest, the analyst tells investors in a research note. The firm adds however that revenue for rail names will benefit from an increase in the regulated grain shipping rates this crop year.