Following the move on autos, Susquehanna has lowered its price target for the four major railroads CP, CSX, UNP and NSC. Five-star analyst Bascome Majors trimmed his price target on Canadian Pacific Kansas City to $88 from $90 but kept a Positive rating on the shares as part of a Q1 earnings preview for the railroads. Majors also lowered the firm’s price target on Union Pacific to $255 from $265 and kept a Neutral rating, and cut Norfolk Southern to $260 from $265 with a Neutral rating on the shares. Majors also took CSX to $37 from $39.

Susquehanna is cautious into the spring, noting that recently improving rail demand will likely get worse as Q2 unfolds. The analyst is looking for “lower-risk entry points into summer.”

It should be noted that Susquehanna is below-consensus on earnings across the board for Q1, though this is more from weather impacts and network disruptions, rather than a relating to macro concerns.

Despite the threat of tariffs, however, volumes on the rails are up lately. Total U.S. carloads for the week ending March 22 hit 224,904, up 4.5% compared with the same week in 2024, with overall volumes up 6.3%.