The Globe and Mail reports in its Tuesday, July 8, edition that ATB Capital analyst Chris Murray expects a "stronger" second half of 2025 for Canadian National Railway, seeing volumes "soft but better than feared." The Globe's David Leeder writes in the Eye On Equities column that Mr. Murray has reaffirmed his "sector perform" recommendation for Canadian National Railway. Mr. Murray cut his share target by a loonie to $155. Analysts on average target the shares at $162.47. Mr. Murray says in a note: "CN reported better-than-expected volume growth in Q2/25, with grain mitigating weakness in industrial and intermodal volumes. ATB estimate for Q2/25 has been left unchanged, with the volume performance effectively offset by expectations around yield. While we expect volume and margin trends to improve in H2/25, primarily due to easing comps and less disruption, we continue to view the volume environment and macro conditions as risks to full year guidance and the 2026 targets. We will be looking for an update on intermodal and grain, and the impact of company-specific growth initiatives with Q2/25 results. Valuation and uncertainty around several key freight types keep us neutral on CN."