Canadian National Railway (CNI) PT Lowered to $100 at Stephens

Stephens analyst Justin Long lowered the price target on Canadian National Railway (NYSE: CNI) to $100.00 (from $105.00) while maintaining a Equal Weight rating.

The analyst commented: "CNI reported 4Q25 adj. EPS of C$2.08 that came in ahead of our/ consensus estimates of C$1.97/C1.98, respectively, driven by an adj. OR of 60.1% that came in better than our/consensus expectations for 61.9%/61.4%. Looking ahead, CNI introduced FY26 guidance which includes RTMs ~flat y/y and adj. EPS growth slightly above RTM growth. While we acknowledge CNI's valuation is very attractive, economic uncertainty and trade policy are resulting in expectations for muted volume trends again in FY26. And when combined with y/y expense headwinds limiting OR improvement and associated adj. EPS growth, we do not see a catalyst for estimate revisions higher in the near to medium term. As a result, we believe the risk/reward for CNI shares remains fairly balanced at current levels, and we reiterate our Equal-Weight rating. Our price target moves to $100 (was $105)."

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