The Globe and Mail reports in its Saturday edition that the challenges facing Canadian National Railway are considerable, but it is still worth consideration. The Globe's David Berman writes that CN's growth prospects have appeared blunted ever since rival Canadian Pacific acquired Kansas City Southern in 2023 to form Canadian Pacific Kansas City -- offering customers one expansive network through Canada, the United States and Mexico. For a stock that has been widely embraced as a stand-out bargain, CN hasn't delivered. Though off its lows last summer, the share price is down 17 per cent over the past two years, as of Thursday. The stock has trailed the S&P/TSX Composite Index by about 22 percentage points over the past 12 months. For Mr. Berman, however, CN still stands out as an attractive opportunity with a lot of upside. It remains inexpensive next to peers, with a price-to-earnings ratio of 18. CPKC trades at 22-times earnings. This discount is unusual, given that CN has historically traded at a slight premium next to peers. Patient investors should see rising valuations as challenges like the weaker U.S. dollar, rising fuel prices and a new North American trade agreement lead to improved performance.