The Globe and Mail reports in its Friday, Dec. 19, edition that RBC Dominion Securities analyst Walter Spracklin sees a "muted" first half of 2026 for North American railway companies followed by "a modest recovery" to close out the year. The Globe's David Leeder writes in the Eye On Equities column that Mr. Spracklin has reaffirmed Canadian Pacific Kansas City his "overall best idea" as "the company continues to execute on its KCS integration." Mr. Spracklin has reaffirmed his "outperform" recommendation and $127 share target for CPKC. Analysts on average target the shares at $121.88. Mr. Spracklin says in a note: "We have a highly positive view on the CP-KCS combination and believe the merits of the deal are extensive. We believe the network advantage is by far the most compelling merit providing an unparalleled network reach that covers Canada, the U.S. and Mexico; and we point to significant opportunities in grain, fertilizer, intermodal, auto and crude. ... We continue to expect CPKC's volume outperformance to persist longer-term and therefore support a higher valuation multiple. ... Key is that the shares have come off meaningfully due to the potential for tariffs, which we view as unwarranted."