The Globe and Mail reports in its Thursday, Jan. 11, edition that CIBC World Markets analyst Kevin Chiang, to reflect a more modest return to his share target following recent share price appreciation, has downgraded Canadian National Railway to "neutral" from "outperformer" with a $176 share target, exceeding the $167.17 average on the Street. The Globe's David Leeder writes in the Eye On Equities column that Mr. Chiang says in a note: "CN is trading at 21 times our 2024 estimated EPS, versus CPKC at 24 times and the U.S. Class 1 average of 19 times. Looking back over the last decade, 21 times has generally been the upper bound of CN's trading range. We continue to have a favourable view on CN's long-term volume growth story, but see a more balanced risk/reward set-up at current levels." The Globe reported on May 6 and Sept. 22 that Mr. Chiang rated Canadian National Railway to "outperformer." The shares could then be had for $161.71 and $145.58. The Globe reported on Dec. 22 that National Bank Financial analyst Cameron Doerksen had reaffirmed his "sector perform" recommendation for CN. The shares could then be had for $165.67.