Canadian National price target lowered to C$174 from C$180 at RBC Capital

RBC Capital lowered the firm’s price target on Canadian National to C$174 from C$180 and keeps an Outperform rating on the shares. The analyst is citing the impact of wildfires and a labor disruption at the Canadian West Coast ports, which will likely result in lower volumes and extra headcount that are going to pressure margins. RBC adds however that it remains positive on the stock over the long term and believes that Canadian National will deliver on its Investor Day targets for 10%-15% EPS CAGR in 2024 to 2026.