CN price target lowered to $104 from $112 at Barclays

Barclays lowered the firm’s price target on CN (CNI) to $104 from $112 and keeps an Equal Weight rating on the shares as part of a Q1 earnings preview for the transportation group. The Q1 results are likely come in lower and near-term outlooks challenged as pull forward subsides, tariffs take hold and freight rates “remain tepid,” the analyst tells investors in a research note. The firm says economic warnings from FedEx and U.S. airlines are indicative of weaker PMI, “setting the stage for a tough quarter of management commentary.”