Canadian National price target raised to $127 from $113 at Barclays

Barclays raised the firm’s price target on Canadian National to $127 from $113 and keeps an Equal Weight rating on the shares ahead of the Q4 report. The analyst says transportation equities should benefit as freight markets exit recession in early 2024. The firm expects rail and truck pricing gains to build throughout the year, leading to generally above-consensus earnings estimates across the group. Its relative preference remains in the rails as it senses investor sentiment remains subdued.