12:56 PM EST, 11/03/2025 (MT Newswires) -- CN Rail (CNR.TO) reported a third-quarter beat. Management maintained guidance and said capex was materially reduced, driving FCF higher. CP Rail is directing the capex savings into the share buyback. "Despite the share price move last Friday, the stock still screens cheap in our view, write RBC analysts Walter Spracklin and James McGarragle.

Maintain Outperform, sentiment direction positive.

CPKC's (CP.TO) third-quarter results were largely in line as the company managed through several derailments which weighed on the quarter (as expected), RBC notes. On the outlook, management reiterated its 2025 EPS growth guidance and gave indication toward a mid-teen 2026 guide.

"On one hand, the guidance is reassuring; however we note that Q4 trends have not started off strong, and we see risk to the downside for both 2025 and 2026. Net-net, we see the quarter as largely neutral."

Maintain Outperform, sentiment direction neutral.

Price: 133.52, Change: -0.97, Percent Change: -0.72