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 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 Canadian National Railway "outperform." Mr. Chamoun cut his share target back by $3 to $177. Analysts on average target CN shares at $166.14. Mr. Chamoun says in a note: "Much like its peers, CN is facing broad demand headwinds as the economy slows down including in energy and chemicals, metals and minerals, and forest products. We note that domestic intermodal volumes have also been decelerating in recent months after having held up well throughout much of 2022 and early 2023. We believe that weak underlying demand and greater competition from trucking are some of the main drivers behind the weakness. ... The weakness in volumes is partially offset by stronger Canadian regulated grain pricing."