CN price target lowered to $119 from $128 at Evercore ISI

Evercore ISI analyst Jonathan Chappell lowered the firm’s price target on CN to $119 from $128 and keeps an In Line rating on the shares. For the rails, the firm is lowering Q3 EPS estimates “across the board, by varying magnitudes,” with the carry forward from softer yields and a more muted macro backdrop, at least as it relates to the trucking and broader transportation market, resulting in reductions to its 2025 EPS forecasts as well. The firm is also adjusting price targets for new 2025 estimates and modest tweaks to relative target multiples, the analyst tells investors in a sector note.