CN downgraded to In Line from Outperform at Evercore ISI

Evercore ISI analyst Jonathan Chappell downgraded CN (CNI) to In Line from Outperform with a price target of $105, down from $116, following the earnings report. The firm says softer than expected volumes are weighing on the company’s margin expansion will limit earnings upside in the back half of the year. CN cut its 2025 earnings outlook due to macro uncertainty and tariff-related headwinds, the analyst tells investors in a research note. Evercore adds CN’s share buybacks are well below its annual expectations, adding a further hit to earnings.