Raymond James says CN, CPKC stock traffic beats 3Q estimates

Investing.com - Canadian rail traffic turned positive last week, with CN (TSE:CNR) up 0.7% year-over-year and CPKC (TSE: CP) up 7.6% year-over-year, according to Raymond James. CN traffic growth was driven by strong metals and minerals, auto and petrochemicals momentum, while CPKC continues to be led by grain, energy, chemicals and plastics, metals and minerals and intermodal strength.

On a quarter-to-date basis, CN traffic remains up 4.6%, driven by continued strength in auto up 22.8%, grain up 15.7%, metals and minerals up 5.6% and petrochemicals up 4.8%. This was partially offset by weakness in coal down 3.7%, forestry down 3.6% and intermodal down 2.3%.

CPKC traffic improved to 6.4% quarter-to-date, supported by grain up 24.2%, intermodal up 10.1%, metals and minerals up 9.1% and forestry up 2.2%. This was partially offset by continued weakness in coal down 12.8%, fertilizers down 10.1%, potash down 7.1% and auto down 4.2%.

Traffic for both CN and CPKC continues to pace ahead of Raymond James estimates for the third quarter of 2026, at 3.1% and 4.1% respectively, with just one week remaining in the quarter. The firm noted that year-over-year comparisons will likely prove more difficult through the fourth quarter of 2026.

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