BofA analyst Ken Hoexter lowered the firm’s price target on CN to $129 from $132 and keeps a Buy rating on the shares after Canadian National lowered its 2024 EPS growth target to low-single digits, from mid-single digits, due to impacts from labor uncertainty and a four-day Teamsters work stoppage, wildfires in Alberta, softer than anticipated demand in forest products and metals, and the delayed recovery of international intermodal. The firm lowered its Q3, 2024, and 2025 EPS estimates 9%, 3%, and 2%, respectively, due to the impacts of the strike and storms, on lower near-term volumes, and its reduced long-term outlook.
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Read More on CNI:
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- CN cuts FY24 adjusted EPS grow to low single-digit range
- CN Operations have Recovered, Company Updates Outlook Following Labor Disruption
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