BUZZ-Canadian National Railway falls after Bernstein cuts to 'market perform'

Reuters07-09

** U.S.-listed shares of railroad operator Canadian National Railway fall 1.4% to $158.46

** Bernstein downgrades stock to "market perform" from "outperform", cuts PT to $130.67 from $146.25

** Says co facing cost pressure on below consensus volume in Q2, could see bookaway from Prince Rupert port in Q3 due to strike risk - affecting FY 2024 EPS growth

** Brokerage also lowers PTs for peers Norfolk Southern

to $285 from $288, Union Pacific to $273 from $290

** Slower macro recovery paired with sluggish trucking market have created a recipe for investor reluctance to buy into the rails - brokerage

** Eight brokerages rate the stock "buy" or higher, 19 "hold" and two "sell"; their median PT is $134.74 - LSEG data

** Stock had fallen 4.9% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment