The Globe and Mail reports in its Friday, Sept. 22, edition that CIBC World Markets analyst Kevin Chiang is keeping his "outperformer" recommendation for Canadian National Railway intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Chiang clipped $2 (Canadian) from his share target, taking it to $173 (Canadian). Analysts on average target the shares at $128.68 (U.S.). Mr. Chiang says in a note: "We have lowered our Q3 estimates for CN and [Canadian Pacific Kansas City] to reflect the softer volume environment and fuel lag headwind. The near-term volume environment remains muted but we do expect Q4 volumes to be up quarter-over-quarter as we see signs that the freight cycle is turning. Canadian grain will be a headwind in H1/24E and the labour disruption at the Detroit Three auto manufacturers adds another layer of uncertainty, but we do foresee an improving macro backdrop entering next year. Further, looking longer term, we believe both CN and CPKC will benefit from unique levers to drive above-average growth." The Globe reported on May 6 that Mr. Chiang had elevated Canadian National Railway to "outperformer" from "neutral." The shares could then be had for $161.71 (Canadian).