CN price target lowered to $113 from $115 at Susquehanna

Susquehanna lowered the firm’s price target on CN (CNI) to $113 from $115 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the railroads. The firm is cautious into spring, saying recently improving rail demand will likely get worse as Q2 unfolds. The analyst will look for “lower-risk entry points into summer.” Susquehanna entered 2025 “lukewarm” on rails, expecting modest downside to Street estimates. It is below-consensus on earnings across the board for Q1, more from weather and network disruptions and mix than a manifestation of macro concerns. The firm cut rail volume expectations broadly to reflect the risk of sub-seasonal trends deeper into spring and summer.