Raymond James analyst Steve Hansen downgraded Canadian National to Market Perform due to valuation.

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The company said, "CN reaffirms its 2024 outlook and expects to deliver adjusted diluted EPS growth of approximately 10% and expects to invest approximately C$3.5 billion in its capital program, net of amounts reimbursed by customers. The Company also expects return on invested capital (ROIC) to be within the targeted range of 15%-17%. CN reiterates its longer-term financial perspective and continues to target compounded annual diluted EPS growth in the range of 10%-15% over the 2024-2026 period driven by growing volumes more than the economy, pricing above rail inflation and incrementally improving efficiency, all of which assumes a supportive economy."

Reports Q1 revenue C$4.25B vs. C$4.31B last year. "Our team of railroaders delivered to plan in the first quarter and our scheduled operating model continued to enhance our service to customers. Looking forward, we are confident for 2024. We are seeing the expected improvements in the economy, and our CN-specific growth opportunities are materializing. We remain committed to delivering on our growth agenda and powering the economy," Tracy Robinson, president and CEO, CN.