12:44 PM EDT, 04/03/2025 (MT Newswires) -- CN Rail's volumes as measured by revenue ton miles (RTMs) were up 1.4% y/y in the first quarter, while CPKC's were up 3.4%, notes National Bank.

Uncertainty around trade stemming from tariffs and the growing risk of a broader economic slowdown will likely continue to weigh on the shares of both companies so near-term upside for both may be limited, writes analyst Cameron Doerksen.

"We nevertheless keep our Outperform rating on CN Rail as its relative valuation remains attractive, in our view. We remain positive on CPKC's long-term volume growth outlook, but relative valuation is less compelling, and we see the uncertainty around tariffs and trade having more of an impact on investor sentiment for CPKC shares than CN. We therefore keep our Sector Perform rating on CPKC shares."

Price: 140.58, Change: -2.95, Percent Change: -2.06