Canadian National price target lowered to C$171 from C$173 at National Bank

National Bank lowered the firm’s price target on Canadian National to C$171 from C$173 and keeps a Sector Perform rating on the shares. The company’s volume headwinds are worsening amid labor disruption at Canada’s West Coast ports,, and the underlying volumes will likely remain soft through the balance of 2023, the analyst tells investors in a research note. Canadian National valuation is also not compelling, with the stock currently trading at 20.9-times the firm’s updated 2023 forecast versus the U.S. peer group at 16.6-times expected 2023 earnings, National Bank added.