CN price target lowered to $117 from $120 at Wells Fargo

Wells Fargo lowered the firm’s price target on CN (CNI) to $117 from $120 and keeps an Overweight rating on the shares. Coming off the firm’s callback, Wells says it’s clear estimates need to reset lower on a weaker volume and profit outlook for the second half of 2025. Unfortunately, the firm worries that revised RTM/EPS guidance may remain optimistic and it’s moving to the low-end. Shares will be pressured, Wells adds.