CN price target lowered to $110 from $120 at Jefferies

Jefferies lowered the firm’s price target on CN (CNI) to $110 from $120 and keeps a Buy rating on the shares. Near-term macro uncertainties remain top-of-mind for investors, but the firm continues to see the Class 1 rails as relatively “resilient and defensive,” adding that it views the Canadian rails as poised for outperformance within the group due to Canada-specific recovery factors.