CN price target lowered to C$160 from C$169 at RBC Capital

RBC Capital lowered the firm’s price target on CN to C$160 from C$169 and keeps a Sector Perform rating on the shares. The analyst cites the company having lowered its 2024 and 3-year EPS growth targets due to the impact of the labour uncertainty, subsequent work stoppage, Alberta wildfires, and weakness in Forestry and Metals, the analyst tells investors in a research note. The estimates had largely not been refreshed since the work stoppage/ wildfires occurred however, and the stock reaction will “likely be more limited”, RBC added.