JPMorgan downgraded CN (CNI) to Neutral from Overweight with a price target of C$154, down from C$163. The firm says its upgrade thesis did not play out. The “sudden departure” of the chief commercial officer after 15 months on the job raises questions around CN’s commercial strategy, the analyst tells investors in a research note. JPMorgan sees downside risk to estimates if the company’s volumes do not recover as quickly as management forecasts given the lingering impact from tariffs.
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