The Globe and Mail reports in its Tuesday, July 11, edition that Raymond James analyst Steve Hansen is urging investors to use caution ahead of Canadian National Railway's second quarter results on July 25. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Hansen says in a note: "While we continue to admire CN's long-term outlook, we reiterate our 'neutral' rating based upon sustained macroeconomic concerns, pronounced traffic headwinds, and the firm's lofty valuation (vs. history). CN is coming off a difficult 2Q period marred by record Canadian wildfires, acute spring flooding and falling traffic. At the same time, management's decision to carry an elevated work force through the traffic draw-down will likely only serve to amplify negative operating leverage. In short, CN has been running hard to move less -- a pattern we expect to be visible in the upcoming 2Q23 print. Finally, while we'd like to suggest the worst is behind us, we still believe the 2H23 traffic outlook remains murky, and in desperate need of a grain backfill (that might not come)." Mr. Hansen continues to rate CN "market perform," with an unchanged $190 share target. Analysts on average target the shares at $165.93.