CN Rail and Alphabet are among stocks featured
Several analysts have lowered their price targets on) after the company reported weaker-than-expected second-quarter results after the bell on Tuesday, as well as reducing its guidance.
Desjardins Securities analyst Benoit Poirier said he sees “more downside than upside” to CN’s 2023 operational targets but added that he remains bullish on the stock over the long term. He rates the stock a “buy”. “Additionally, the Canadian grain crop is now expected to be below its three-year average and the US grain crop is expected to be above its three-year average . We view this as a negative read-through for grain carloads as Canadian grain makes up ~65–70% of grain movements at CN vs only ~30–35% for US grain,” he said.
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