The Globe and Mail reports in its Wednesday edition that RBC Dominion Securities analyst Walter Spracklin has lowered his third quarter earnings expectations for the railway sector. The Globe's David Leeder writes in the Eye On Equities column that Mr. Spracklin says North American railway volumes continue to "trend down across the group due to lower intermodal carloads resulting from inventory destocking and weak consumer demand." Mr. Spracklin has reaffirmed his "sector perform" recommendation for Canadian National Railway. Mr. Spracklin gave his share target a $2 trim to $163. Analysts on average target the shares at $164.08. Mr. Spracklin cut his earnings per share projection for the quarter to $1.73 from $1.83, which is the current consensus on the Street, citing "fuel surcharge pass through lag and lower than anticipated volumes." Mr. Spracklin says in a note: "Our 2023 EPS growth estimate of negative 0.9 per cent moves to the lower end of management guidance of flat to slightly negative. Our 2024 estimate goes to $8.51 (from $8.58), above consensus $8.29; and our 2025 estimate goes to $9.59 (from $9.68), also above consensus $9.33." He says his rating call "is based on favourable network dynamics."