CN downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded CN (CNI) to Market Perform from Outperform with a price target of $150, down from $180. The firm’s conviction in the 2025 Canadian railroad outlook has waned in response to growing macroeconomic uncertainty, the analyst tells investors. Q1 traffic proved volatile due to an acute February freeze, and although “swift recoveries” at both CN and Canadian Pacific Kansas City (CP) helped both carriers finish in the green, the forward outlook has since deteriorated, the analyst argues.