CN price target lowered to $126.29 from $130.67 at Bernstein

Bernstein lowered the firm’s price target on CN to $126.29 from $130.67 and keeps a Market Perform rating on the shares. Railroad earnings season starts next week, and the firm isn’t expecting much in the way of good news. . Channel checks suggest intermodal rates will remain under pressure, Bernstein adds, further arguing that fuel is going to help the U.S. carriers, which are facing the worst comps on net fuel exposure, and could lead to some upside surprises to more bearish outlooks.