The Globe and Mail reports in its Wednesday, June 14, edition that BMO Nesbitt Burns analyst Fadi Chamoun believes the demand environment remains challenging in the freight hauling sector. The Globe's David Leeder writes in the Eye On Equities column that Mr. Chamoun predicts "muted" demand in 2023 and 2024. He says, "2024 is looking increasingly mixed with consumer end markets potentially stabilizing while a rebound in manufacturing/industrial related freight appears unlikely before [the second half of 2024." Mr. Chamoun continues to rate Cargojet "market perform." Mr. Chamoun cut his share target to a Street-low $110 from $115. Analysts on average target CNR shares at $151.25. Mr. Chamoun says in a note: "Cargojet forecast was lowered reflecting weaker demand in the domestic market, which we believe is tracking down in the high-single-digit range from a volume perspective. Weaker international freight rates are likely to be a source of pressure on margins as well. The estimates are lowered through F2024 as we now assume the B777 aircraft deliveries get pushed out fully into F2025."