The Globe and Mail reports in its Friday, Jan. 9, edition that ahead of their fourth quarter results, National Bank Financial analyst Cameron Doerksen finds strong valuations for Canadian National Railway and Canadian Pacific Kansas City. The Globe's David Leeder writes in the Eye On Equities column that Mr. Doerksen rates both railways "sector perform." Mr. Doerksen continues to target CN shares at $150. He gave his share target for CPKC a $5 trim to $119. Analysts on average target CN and CPKC shares at $153.86 and $118.97. Mr. Doerksen says in a note: "Driven by new business wins and merger synergy-related gains, we expect CPKC volume and EPS growth will outperform CN's growth in 2026. While both railroads face risks around tariffs/trade changes, we see CN more exposed to potentially weaker international intermodal in the near-term. We also highlight that a significant component of CN's longer-term growth is related to international intermodal, with U.S.-bound containers via a Canadian port an important driver. This growth could be at risk due to tariffs and related changing trade flows. For CN, international intermodal makes up 65 per cent of its intermodal revenue versus CPKC at 45 per cent."