The Globe and Mail reports in its Wednesday, Oct. 4, edition that Stifel analyst Benjamin Nolan has reaffirmed his "hold" call on Canadian National Railway. The Globe's David Leeder writes in the Eye On Equities column that Mr. Nolan gave his share target a $3 trim to $122 (all figures U.S.). Analysts on average target the shares at $127.64. Mr. Nolan says in a note: "We are estimating CN's total 3Q23 carloads come down by 9.6 per cent, year-over-year. Sequentially, carloads are expected to fall by 4.5 per cent. Volumes were impacted this quarter from the ILWU strike disruptions which caused congestion for British Columbia's busiest ports. Additionally, the company saw especially weaker lumber shipments in the summer bringing lumber RTMs [revenue ton miles] down by over 20 per cent, however, the segment has started to pick back up with increased shipments. We expect carload growth in autos (up 15 per cent) and iron and steel scrap (up 15 per cent), which we expect will be offset from weakness in intermodal (24 per cent) and primary forest products (15 per cent). As it relates to key service metrics, we estimate the average terminal dwell to be 7.2 hours, slightly worse than 6.8 hours in 2Q23."