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

RBC Capital raised the firm’s price target on CN to C$169 from C$160 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q3 results for Class 1 Railroads. The firm is watching closely the macro backdrop given cautious commentary from FedEx (FDX) and CN that the industrial outlook is worse vs. prior expectations, though it is also adjusting its models with rolled forward valuation year to 2026, the analyst tells investors in a research note. For CN, RBC is reducing its Q3 EPS view to C$1.71 from C$1.77, reflecting lower expected Intermodal yields as well as costs associated with the strike and fires.