Evercore ISI raised the firm’s price target on Canadian National to $129 from $119 and keeps an In Line rating on the shares. With 11 trading days left in 2023, it is “unlikely that any Rail equity will outperform the S&P 500,” the analyst tells investors in a note on the group. As the market shifts to 2024, “volume momentum is almost all that matters,” says the analyst, who argues that volumes hold the key to relative share price performance for the Rails in 2024 and 2025.
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