CN price target lowered to $100 from $105 at Stephens

Stephens lowered the firm’s price target on CN (CNI) to $100 from $105 and keeps an Equal Weight rating on the shares. While the firm acknowledges CN’s valuation is “very attractive,” it sees economic uncertainty and trade policy resulting in expectations for muted volume trends again in FY26. Combined with year-over-year expense headwinds limiting OR improvement and associated adjusted EPS growth, the firm does not see a catalyst for higher estimate revisions in the near to medium term, the analyst added.