CN price target raised to $121 from $120 at Barclays

Barclays raised the firm’s price target on CN to $121 from $120 and keeps an Equal Weight rating on the shares. The firm says Q3 transport results will likely come in a bit softer than prior forecasts given “still weak” industrial demand. However, improving North American import activity and likely shrinking trucking capacity should set a more favorable backdrop as investors begin focusing on 2025 estimates, the analyst tells investors in a research note. Barclays believes transport fundamentals remain mixed and still lagging on pricing outcomes given excess trucking capacity. Nonetheless, the firm sees opportunities in railroads and less-than-truckload carriers.