Canadian National price target raised to $146.36 from $143.30 at Bernstein

Bernstein analyst David Vernon raised the firm’s price target on Canadian National to $146.36 from $143.30 and keeps an Outperform rating on the shares. The Q4 earnings cycle has wrapped up for the rails “with a collage of results ranging from disappointing to positive,” the analyst tells investors in a research note. The firm says guidance was mixed around a central theme of volume uncertainty. The first half of 2024 “feels very much like the bottom as a muted environment adds severe weather to its list of headwinds,” says Bernstein. The firm thinks the back half of the year may surprise to the upside.