01:36 PM EDT, 10/16/2024 (MT Newswires) -- CN Rail's network bounced back in September following a labour disruption, with favorable trends continuing into October, notes RBC Capital. Car velocity is now trending higher versus July. "While we expect Q3 to be negatively affected by a weak volume backdrop and some one-off operating challenges, recent performance metrics point to a meaningful improvement in O/R in Q4, which we believe sets the stage for EPS outperformance in 2025 and which formed the basis of our upgrade last week," RBC writes.

In terms of carloads, CN is underperforming CPKC due to weaker meals and minerals RTMs. QTD CP is outperforming CN due to higher grain shipments at CP and lower meals and minerals RTMs at CN, RBC notes.

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