The Globe and Mail reports in its Thursday, July 10, edition that Canadian National Railway and Canadian Pacific Kansas City surpassed volume expectations in the second quarter, according to National Bank Financial analyst Cameron Doerksen. The Globe's David Leeder writes in the Eye On Equities column that Mr. Doerksen, however, cautions that risks remain due to the uncertain financial effects of tariff decisions, despite a recent easing of investor concerns. Mr. Doerksen says in a note: "As such, caution around both railroads is warranted, in our view. We nevertheless keep our 'outperform' rating on CN as its relative valuation remains attractive. We remain positive on CPKC's long-term volume growth outlook, but relative valuation is less compelling. We therefore keep our 'sector perform' rating on CPKC shares." Mr. Doerksen notes that CN's valuation currently sits at a low versus its North American rail peers, providing a potential opportunity for investors. Mr. Doerksen adds, "Given its strong multi-year growth trajectory, a premium valuation for CPKC is justified, in our view, but at a 4.3 turn premium to CN on current year forecasts, the higher potential relative growth for CPKC is arguably priced into the stock."