Canadian transportation stocks: CN’s quarter, Mullen’s spike, Waste Connections and targets

Nine liquid names — CPKC, CN Rail, Waste Connections, GFL Environmental, TFI International, Exchange Income, Air Canada, Mullen Group and Cargojet — are about CA$336 billion of market value on the October 23, 2026 close. The two railways are about CA$215 billion of that. Over the past month the peer median is about +0.8%, close to an S&P/TSX Composite that was about +0.1% on the same exchange-close window. Over one year the median is about +18%, in line with a Composite near +18.6%. The median hides the tails. Mullen is up about 100% over the year. Air Canada is down about 24% over the month. Waste Connections is up about 19% over the month and only about 6% over the year. Setup for this living note: a sector that matched the index in the middle, and three tapes that did not.

Canadian transportation snapshot: market cap, P/E, yield and returns vs the TSX

Metric	Peer set (9)	vs TSX (approx.)
Combined market cap	~CA$345.7B	—
Median trailing P/E	26.2x	—
Median forward P/E	23.2x	—
Median indicated yield	1.72%	—
Median 1M price return	+7.3%	TSX ~+0.1%
Median 1Y price return	+29.0%	TSX ~+18.6%

Screener as of November 9, 2026 (CAD; merge tsx-2026-11-09.csv, 2,564 rows). Peer set: CP, CNR, WCN, GFL, TFII, EIF, AC, MTL, CJT. Medians skip blank cells; P/E medians skip non-positive multiples. Not in the November 9 export, so their rows still carry the previous build’s values: GFL. The TSX column is the approximate index return carried from the October 26 build and was not re-pulled for this refresh.

November 9, 2026 refresh. Between the November 3 and November 9 screener files the median peer price moved +1.5%. Best: Cargojet (+5.6%) and Air Canada (+3.9%). Weakest: CN Rail (−1.2%) and TFI International (−0.1%). The snapshot and every peer table below are on the November 9 file. Commentary paragraphs between the tables were written on the October 25 file and quote those figures unless they give a later date.

CN at 22.2x trailing earnings is the cheap railway. CPKC at 29.1x is the expensive one. Waste Connections at 42.1x trailing and 32.6x forward is the premium the October 22 brief already flagged, now on a higher price. Air Canada at 0.25x sales is the other end of the business mix: CA$23.6 billion of revenue and a CA$5.3 billion market cap.

What is driving Canadian transportation stocks: a rail downgrade, a waste beat and a buyback price

November 9, 2026 update. No new company results are summarized for this sector in this refresh; the moves are from the screener. Between the November 3 and November 9 screener files the peer median price moved +1.5% (Cargojet +5.6%, Air Canada +3.9%; CN Rail −1.2%, TFI International −0.1%). GFL is missing from the November 9 export, so its row still carries the previous build’s values. The Bank of Canada hiked to 2.50% on October 28 and unemployment rose to 6.7% in October. Calendar items below dated November 3–8 have since reported; this update summarizes only the results named here.

Q3 results since the last refresh (added November 3, 2026). CPKC reported on October 28: revenue of CA$4.219 billion, up 15%; reported diluted EPS of CA$1.04, up 3%; core adjusted diluted EPS of CA$1.28, up 16%; revenue ton-miles up 6%. The reported operating ratio rose 130 basis points to 64.8% (core adjusted 61.9%), and the company said higher fuel prices cost 170 basis points of reported OR. TFI International reported on October 29 (US dollars): total revenue of US$2.23 billion, up 13%; net income of US$105.7 million, up 25%; adjusted diluted EPS of US$1.67, up 39%. Truckload operating income rose 91% and Logistics 59%, while LTL operating income fell 43% to US$44.4 million, including a US$14.4 million office-real-estate impairment. Free cash flow was US$116.4 million against US$199.4 million a year earlier. An Investing.com call transcript headline described a 17% selloff on a profit miss; TFI’s own release does not give a consensus comparison.

1. October 19, 2026 — Raymond James downgrades CN. Steve Hansen cut CN to Market Perform from Outperform and trimmed the target to C$195 from C$200. The October 20 brief is the write-up. In the first two weeks of the fourth quarter, CN’s revenue ton miles were down 4.7% and CPKC’s were up 1.2%. Third-quarter traffic was +3.8% at CN and +6.1% at CPKC. CN moved a record 7.94 million tonnes of western grain in the third quarter. The second-quarter print, on July 24, was revenue of C$4.75 billion, up 11%, diluted EPS of C$2.06 and adjusted EPS of C$2.08. The outlook was low-single-digit growth in revenue ton miles and mid-to-high-single-digit growth in adjusted EPS, with capital spending of about C$2.8 billion. The operating ratio worsened 80 basis points to 62.5%, and fuel expense was C$659 million. CN reports third-quarter results on October 30, 2026, before the open, with a call at 8:30 a.m. ET. The October 23 close is $172.50, above the October 19 close of $169.63 in that brief. The one-year return is +28.5%. The CAD target on this page is CA$183.11 from 20 analysts, +6.2%. Hansen’s C$195 is one broker above that average.

2. October 21, 2026 — Waste Connections beats, raises, and hikes the dividend 10%. The October 22 brief is the write-up. Third-quarter revenue was US$2.638 billion, up 7.3%. Adjusted EPS was US$1.58. Adjusted EBITDA was US$895.8 million, a 34.0% margin. The 2026 outlook moved to revenue of about US$10.09 billion, net income of about US$1.18 billion, adjusted EBITDA of about US$3.345 billion, and adjusted free cash flow of US$1.40–1.45 billion. The quarterly dividend went to US$0.385 from US$0.35, or US$1.54 a year, payable November 19 to holders of record November 5. Buybacks passed US$1 billion. Those figures are US dollars. The October 21 TSX close, before the release, was C$236.45 (NYSE US$168.28). The October 23 TSX close is $261.10, and the NYSE close that day is US$186.60. The one-month return in this table is +19.3%, the best in the set. The one-year return is only +5.5%.

3. October 22, 2026 — Mullen’s record quarter, and a spike that did not hold the next day. Revenue was C$653.2 million, up 16.3%. Adjusted EPS was C$0.52. Net income was C$51.5 million, up 55%. Adjusted OIBDA was C$118.6 million, margin 18.2%. The October 23 brief is the write-up. The shares closed October 22 at C$32.28. They closed October 23 at $28.76. The one-year return is +100.4%. The six-month return is +47.9% and the year-to-date return is +81.0%, so the rally was not one session. On October 19 Mullen agreed to buy Willson International, expected to add about C$80 million of annual revenue, with a closing targeted around November 2. The CAD target on this page is CA$30.22 from 8 analysts, +5.1% versus the October 23 close and below the October 22 close. The brief’s pre-print S&P average was C$29.45 from 11. The stock spent one day through the targets and gave part of it back.

4. September 28, 2026 — Air Canada’s C$800 million issuer bid, and a stock now under that price. The company bought 27,586,206 shares at C$29.00, about 9.8% of the shares, in a Dutch auction that cleared at the bottom of a C$29–C$33 range. The September 29 brief is the write-up. The stock was about C$26.15 after the preliminary results. The October 23 close is $21.11. That is about 27% below the price the company paid. The one-month return is −23.6%, the worst in the set. The one-year return is still +15.1%. There is no dividend. Trailing P/E is 14.8x and forward P/E is 29.0x, so the next-year earnings estimate is lower than the trailing run-rate. This note does not have a separate October release that explains the last leg from the mid-20s to $21.11. The price is the fact. The October 29 calendar date is the next place to look.

5. The rest of the calendar. TradingView’s earnings calendar, checked October 27, shows October 28 for CPKC and GFL, October 29 for TFI and Air Canada, November 11 for Cargojet and November 12 for Exchange Income. CN’s October 30 date and 8:30 a.m. call are from the October 20 brief, not from that calendar. Waste Connections’ next date on the calendar is February 17, 2027, and Mullen’s is February 10, 2027. The waste and trucking prints that matter for this table have already happened, except TFI and GFL.

6. What this note leaves out on purpose. Westshore Terminals (about CA$2.7 billion) is a coal terminal. The October 20 CN brief left it out, and it stays out. Chorus (about CA$0.7 billion) is below the scale of this table. CDRs of Union Pacific, Uber and UPS are not Canadian operators. Engineering firms in the October 22 Waste Connections brief (WSP, AtkinsRéalis, Stantec, Badger, Bird, Aecon) are a different industry. GFL is in, even though that brief could not see it in the October 8 export. It is about CA$28 billion and liquid. Cargojet is about CA$1.2 billion, with a 10-day average volume near 43,000 shares, the thinnest line here. It stays because both the CN brief and the Mullen brief used it as the air-cargo peer.

Which Canadian transportation stocks are leading and lagging

One month: Waste Connections (+19.3%) leads, then Mullen (+8.2%) and GFL (+7.9%). CN (+2.3%) and CPKC (+0.8%) are the flat middle, which is why the median is about +1%. Air Canada (−23.6%) is the laggard, then TFI (−10.8%) and Exchange Income (−7.1%). The waste names and Mullen had the news. The airline and the large trucker did not participate.

One year: Mullen (+100.4%) leads by a wide margin, then Exchange Income (+45.6%), CN (+28.5%) and TFI (+26.3%). GFL (−1.0%) is the only name under zero. Cargojet (+1.8%) and Waste Connections (+5.5%) are the other laggards on this window. The one-month leader is not the one-year leader. CPKC at +18.1% is the median stock, and it matched the TSX. CN beat both its railway peer and the index over the year, which is the backdrop for a downgrade that is about the next quarter’s traffic, not about a broken one-year chart.

Canadian transportation peer comparison: size, performance, valuation, dividends and targets

Peer set: CPKC (CP), CN Rail (CNR), Waste Connections (WCN), GFL Environmental (GFL), TFI International (TFII), Exchange Income (EIF), Air Canada (AC), Mullen Group (MTL) and Cargojet (CJT). Two Class I railways, two waste companies, two truckers, one airline, one aviation-and-manufacturing acquirer, and one air-cargo carrier. Ordering is market cap on the October 23 close. Waste Connections and GFL are in the screener’s industrial-services file. The comparison is the operating mix investors actually trade against these names, and the briefs already paired the rails with the truckers.

Canadian transportation overview: price, market cap, revenue and earnings

Company (Ticker)	Price	Market cap	Revenue (LTM)	Net income (LTM)
CPKC (CP)	$129.97	$114.5B	$16.0B	$3.9B
CN Rail (CNR)	$175.21	$108.2B	$18.4B	$4.9B
Waste Connections (WCN)	$266.73	$67.0B	$13.8B	$1.6B
GFL (GFL)	$63.75	$27.8B	$7.0B	−$174M
TFI International (TFII)	$133.98	$11.5B	$11.6B	$496M
Exchange Income (EIF)	$118.58	$6.7B	$3.7B	$205M
Air Canada (AC)	$21.91	$5.7B	$24.8B	$305M
Mullen Group (MTL)	$28.74	$2.8B	$2.3B	$123M
Cargojet (CJT)	$95.12	$1.4B	$1.0B	$46.5M
Average	—	$38.4B	$11.0B	$1.3B

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD · LTM = last 12 months. Average includes every row. Not in the November 9 export, so their rows still carry the previous build’s values: GFL.

CN earns more than CPKC (CA$4.8 billion against CA$3.9 billion) on more revenue, at a slightly smaller market cap. That is the valuation gap in the next table. TFI’s CA$464 million of profit on CA$11.2 billion of revenue is the trucking margin. Air Canada’s CA$430 million on CA$23.6 billion is the airline margin. Waste Connections earns CA$1.6 billion on CA$13.8 billion and is valued like a compounder. GFL, the other waste name, lost CA$174 million.

Canadian transportation performance: returns from one month to ten years

Company (Ticker)	1M	3M	6M	YTD	1Y	5Y	10Y
CPKC (CP)	+7.4%	+3.3%	+11.7%	+27.9%	+31.4%	+37%	+244%
CN Rail (CNR)	+4.4%	−0.8%	+15.7%	+29.1%	+29.0%	+6%	+110%
Waste Connections (WCN)	+20.6%	+14.6%	+27.5%	+10.8%	+11.6%	+57%	+303%
GFL (GFL)	+7.9%	+16.4%	+15.4%	+6.6%	−1.0%	+25%	—
TFI International (TFII)	−16.4%	−30.4%	−29.2%	−5.7%	+7.1%	−7%	+346%
Exchange Income (EIF)	+0.2%	−8.1%	+18.6%	+44.7%	+53.5%	+171%	+236%
Air Canada (AC)	−14.2%	−17.2%	+10.2%	+13.2%	+17.1%	−14%	+87%
Mullen Group (MTL)	+7.3%	+6.2%	+35.3%	+82.6%	+103.4%	+123%	+58%
Cargojet (CJT)	+9.7%	+8.7%	+14.1%	+13.4%	+37.7%	−50%	+124%
Average	+3.0%	−0.8%	+13.3%	+24.7%	+32.2%	+39%	+188%

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD · price returns. Bold = leader on 1M and on 1Y. Average skips blanks.

CN’s five-year +3% against CPKC’s +33%, and CN’s ten-year +97% against CPKC’s +220%, is the long-window gap the October 20 brief described with the screener’s own percentages. The one-year window has flipped: CN +28.5%, CPKC +18.1%. TFI’s three-month −26.7% is the trucking drawdown inside a one-year gain of +26.3%. Cargojet’s five-year −58% is a different business from its one-year flat line. Mullen’s ten-year +50% is ordinary next to its one-year +100%. The compound was recent.

Canadian transportation valuation: P/E, forward P/E, price to book and price to sales

Company (Ticker)	P/E	Fwd P/E	PEG	P/S	P/B	P/FCF
CPKC (CP)	29.9	23.0	—	7.01	2.47	39.0
CN Rail (CNR)	22.0	20.0	2.79	5.84	4.80	27.6
Waste Connections (WCN)	43.1	31.6	0.50	4.81	5.96	41.1
GFL (GFL)	—	78.7	—	3.29	3.13	57.6
TFI International (TFII)	22.3	14.2	1.83	0.95	2.76	13.8
Exchange Income (EIF)	33.0	24.5	0.64	1.77	3.65	—
Air Canada (AC)	21.4	—	—	0.24	2.64	17.3
Mullen Group (MTL)	22.5	18.2	1.04	1.19	2.31	17.4
Cargojet (CJT)	30.8	23.4	—	1.30	1.92	16.6
Average	28.1	29.2	1.36	2.93	3.29	28.8

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD. Average skips blanks; one large multiple can dominate a column average, so read the medians in the snapshot.

CN is cheaper than CPKC on earnings and on cash: 22.2x against 29.1x trailing, 21.2x against 24.4x forward, 29.5x free cash flow against 46.3x. CN’s 4.76x book is the mark of years of buybacks. The October 20 brief made that point at the October 8 multiples. It is still true on October 23. Air Canada at 14.8x trailing and 0.25x sales is the statistical cheap stock, and the 29.0x forward figure says the cheap trailing number may be the peak of the earnings, not the base. TFI at 18.9x forward and Mullen at 19.8x forward are the truckers, with Mullen’s one-year chart already up 100%. Waste Connections at 42.1x / 32.6x is the premium, wider than it was in the October 8 table in the brief, because the price went from C$221.28 on that file to $261.10. GFL at 78.7x forward, with a trailing loss, is not a second Waste Connections. A buyer who wants the waste business at a Waste Connections multiple is paying for the margins in the October 21 print. GFL does not have those earnings yet.

Canadian transportation dividends: indicated yield and payout ratio

Company (Ticker)	Dividend / share	Yield (ind.)	Payout ratio
CPKC (CP)	$0.87	0.78%	22.9%
CN Rail (CNR)	$3.55	2.03%	45.7%
Waste Connections (WCN)	$1.82	0.68%	31.3%
GFL (GFL)	$0.09	0.13%	—
TFI International (TFII)	$2.53	1.85%	43.7%
Exchange Income (EIF)	$2.66	2.41%	72.2%
Air Canada (AC)	$0.00	—	0.0%
Mullen Group (MTL)	$0.84	2.84%	65.2%
Cargojet (CJT)	$1.40	1.59%	47.6%
Average	$1.53	1.54%	41.1%

Source: TSX screener merge tsx-2026-11-09.csv (2,564 rows, November 9, 2026) · CAD. DPS is annual; yield is indicated. Payout is trailing; negative payouts show as — and are left out of the average.

Mullen’s 2.92% and Exchange Income’s 2.56% are the yields in this set that clear 2.5%, with payouts of 65% and 72%. CN at 2.12% and a 46% payout is the railway coupon. CPKC at 0.79% and Waste Connections at 0.70% are not income stocks. GFL’s C$0.09 is a token next to a trailing loss.

Canadian transportation analyst targets: ratings, one-year targets and upside

Company (Ticker)	Rating	Price	Target 1Y	Upside	Analysts
CPKC (CP)	Buy	$129.97	CA$135.20	+4.0%	15
CN Rail (CNR)	Buy	$175.21	CA$183.11	+4.5%	20
Waste Connections (WCN)	Strong buy	$266.73	CA$200.00	−25.0%	6
GFL (GFL)	Strong buy	$63.75	—	—	4
TFI International (TFII)	Buy	$133.98	CA$179.40	+33.9%	4
Exchange Income (EIF)	Strong buy	$118.58	CA$145.92	+23.1%	13
Air Canada (AC)	Buy	$21.91	CA$32.73	+49.4%	11
Mullen Group (MTL)	Buy	$28.74	CA$30.22	+5.1%	8
Cargojet (CJT)	Strong buy	$95.12	CA$121.00	+27.2%	11
Average	—	—	CA$128.45	+15.3%	—

Rating = screener analyst rating on the November 9, 2026 file. Target 1Y and analyst counts are the MarketBeat TSE consensus figures (CAD) pulled October 27, 2026, not re-pulled in bulk for this refresh (Royal Bank spot-checked November 9, unchanged). Upside is the October 27 target versus the November 9 screener price. The dollar average mixes very different share prices; read the upside column.

The rails have little Canadian-dollar room. CN +6.2% to CA$183.11 from 20 analysts, CPKC +7.7% to CA$135.20 from 15. Raymond James at C$195 on CN is above the average, not instead of it. Mullen at +5.1% to CA$30.22 from 8 is the other tight CAD target, and it is tight because the stock ran. The October 22 close of $32.28 was above this target. The October 23 close is not.

Waste Connections is the currency trap. The TSE page is CA$200.00 from 6 analysts, −23% versus $261.10, with no high-low range. The NYSE page is US$202.39 from 19 analysts. Versus the October 23 NYSE close of US$186.60, that is about +8%. A reader who treats C$200 as “the target” thinks the stock is a quarter too expensive. The liquid panel, in US dollars, is a high-single-digit gap above the US price. The US figure is not converted and not averaged. The October 22 brief used a NYSE consensus of US$198.61 from 18 against a pre-release NYSE close of US$168.28. The price has moved up. The gap has narrowed. The currency point has not changed.

Two more US pages stay out of the average, for the same reason:

• TFI. The TSE page is CA$179.40 from 4 analysts, +14% versus $157.13. The NYSE page is US$167.94 from 19 analysts, about +49% versus the October 23 NYSE close of US$112.50. Four analysts are not nineteen. The US figure is not in the average.
• GFL. The TSE page has 4 ratings and no price target. The NYSE page is US$57.56 from 14 analysts, about +26% versus the October 23 NYSE close of US$45.56. Blank in the CAD column.

Air Canada at +55% to CA$32.73 from 11 analysts is a large CAD gap on a stock at $21.11, under the C$29 the company paid in September. Cargojet at +46% to CA$121 from 11 is the other wide CAD gap, on the smallest market cap and the thinnest volume. Exchange Income at +30% to CA$145.92 from 13 is the aviation compounder’s gap, on a one-year return of +46%.

How the rails differ from waste, trucking and the airline

CN and CPKC are the franchise. CN is cheaper on earnings and more expensive on book. The downgrade is about traffic growth handing the lead to CPKC, not about a broken balance sheet. Both CAD targets sit within 8% of the price.

Waste Connections is a US-dollar compounder with a Canadian listing, a 42x trailing multiple, and a Toronto target page that should not be averaged with CN’s. GFL is the other Canadian-listed waste company, with a trailing loss and a US target that is the one with a range. They do not belong in one multiple.

TFI and Mullen are the truckers. TFI is the scale, down 27% over three months, with the liquid target on the NYSE. Mullen is the one-year chart, a record quarter, and a price that spent October 22 above the CAD target and October 23 just under it. Exchange Income is aviation plus manufacturing, acquired and held, with a 2.56% yield and a 30% CAD gap. Cargojet is the air-cargo line the briefs already use. Air Canada is the passenger airline that bought stock at C$29 and now trades at $21.11.

Bull case for Canadian transportation stocks

1. CN is still the cheaper railway, and the one-year chart agrees. 22x trailing against CPKC’s 29x, a one-year return of +28.5% against +18.1%, and a 20-analyst CAD target that is still above the price. The downgrade cut the enthusiasm. It did not put the target under the stock.

2. Waste Connections just printed the quarter the multiple is paying for. Revenue, adjusted EPS, the free-cash-flow range and a sixteenth consecutive double-digit dividend increase are in the October 21 release, in US dollars. The NYSE target is still above the NYSE price. The one-year return of only +5.5% means the stock did a lot of nothing before this month’s +19%.

3. Air Canada’s CAD gap is eleven analysts, and the company was a buyer at C$29. CA$32.73 is +55% above $21.11. The trailing sales multiple is 0.25x. That is the statistical case. It sits next to a forward P/E of 29x, which is the reason it may be cheap for a reason.

Bear case and risks for Canadian transportation stocks

1. The rails are priced for the index they already matched. CPKC’s one-year return is the sector median and the TSX. CN’s CAD upside is 6%. A target that close to the price needs the October 30 quarter to cooperate. The downgrade’s evidence is already a weaker fourth-quarter start and a grain comparison that gets harder.

2. The Toronto target on Waste Connections is a trap, and GFL does not have the earnings. C$200 with no range, against a US$202 target that means something different, will produce a fake “overvalued by 23%” headline. GFL’s 78.7x forward multiple and trailing loss are the other waste stock. Averaging the two is how a sector multiple becomes nonsense. The forward average in the table includes that 78.7x on purpose, so it is visible.

3. Mullen’s chart and Air Canada’s buyback price can both be warnings. A stock up 100% in a year that spent one day above every fresh target can mean the quarter was good and the entry was late. A company that paid C$29 for stock now at $21 can mean the tender was the top of the range for a reason. TFI’s −27% three-month move is the cyclical version of the same doubt. Cargojet’s five-year −58% is the long version.

What to watch next for Canadian transportation stocks: October 28, then CN

1. October 28, 2026 — CPKC and GFL, on TradingView’s calendar. The railway that took the traffic lead, and the waste company without a CAD price target. Confirm the times on the company releases.

2. October 29 — TFI and Air Canada. The trucker with the nineteen-analyst US target, and the airline at $21.11. Air Canada’s forward multiple of 29x is the number to test against whatever the quarter says about the next year’s earnings.

3. October 30, before the open — CN, call at 8:30 a.m. ET. Revenue ton miles against the −4.7% start to the fourth quarter in the downgrade, the operating ratio after a C$659 million fuel quarter, and whether the 20-analyst target at CA$183 still looks like +6% after the print.

4. Around November 2 — Mullen’s Willson closing. The October 23 brief’s expected effective date. The stock is at $28.76, under the October 22 high and 5% under the CAD target of CA$30.22.

5. Waste Connections after the re-rating. The October 23 NYSE close is US$186.60 against a US$202 target. The next earnings date on the TradingView calendar is February 17, 2027. Until then the argument is whether 32.6x forward earnings, on this page’s method, is the right price for the outlook the company just raised.

Related StockSummarizer videos and briefs

• CN Rail — the Raymond James downgrade · Watch on YouTube
• Waste Connections — the third-quarter beat and the 10% dividend hike · Watch on YouTube
• Mullen Group — the record quarter · Watch on YouTube
• Air Canada — the C$800 million issuer bid · Watch on YouTube

CPKC, GFL, TFI, Exchange Income and Cargojet are not in the coverage log yet. Those four briefs use earlier screener files. The tables on this page are the October 23 closes. Where a brief and this page both discuss a target, the date on the figure is the date of that source. The Waste Connections brief’s peer table is engineering and construction, because GFL was not in that export. GFL is in this table.

Data notes: screener date, peer set and where the targets come from

November 9, 2026 refresh. The snapshot strip and every peer table now come straight from merge tsx-2026-11-09.csv (2,564 rows): prices, market caps, LTM revenue and net income, returns, multiples, dividends and screener ratings. Average rows skip blanks. Analyst targets were not re-pulled in bulk: Target 1Y and analyst counts are still the MarketBeat TSE figures pulled October 27, 2026 (a November 9 spot-check of Royal Bank’s MarketBeat page showed the consensus unchanged at C$292.86 on 12 analysts, with the latest broker action dated September 3); upside compares those targets with the November 9 price. Rows for tickers missing from the November 9 export keep the previous build’s values and are named under the snapshot. The November 9 update paragraph uses the news and company releases listed under Sources, checked November 9, 2026; the TSX comparison column is the approximate index return carried from the October 26 build. The method notes below describe the October 27 build and still apply to the commentary written on it.

Prices are the October 23, 2026 TSX closes from Yahoo Finance chart history. Royal Bank’s close that day is $281.77, which matches the price printed from merge tsx-2026-10-25.csv on the banks page. The file itself is not in this checkout. Market cap, trailing P/E, P/S, P/B, P/FCF and PEG are TradingView Canada fields scaled by the October 23 close divided by the live close (the live close in this pull was the October 26 session). Revenue, net income, the annual DPS field and payout are the unscaled trailing fields. Yield is the live indicated-yield field scaled by the live close divided by the October 23 close. Forward P/E is October 23 price ÷ TradingView’s next-fiscal-year EPS consensus, pulled October 27, 2026. It is not the file’s forward-P/E cell. Performance is the exchange-close price return on the windows under the performance table, not the file’s Perf column. CN’s five-year figure here is that exchange-close series. Peer rule: liquid rails, trucking, waste, aviation and air cargo — CP, CNR, WCN, GFL, TFII, EIF, AC, MTL, plus CJT. Excluded: WTE, CHR, CDRs, and the engineering peer set from the October 22 brief. Average rows include all nine names and skip blank cells. The one-year average is dominated by Mullen. The forward-P/E average includes GFL’s 78.7x. The ten-year average includes TFI and excludes GFL. Target 1Y is MarketBeat’s Canadian-listing consensus in CAD, pulled October 27, 2026. The average uses only CPKC, CN, Exchange Income, Air Canada, Mullen and Cargojet, and it averages the one-decimal upsides in the table. Waste Connections (CA$200.00, 6 analysts, high and low both C$200) is excluded. GFL (4 ratings, no price target) and TFI (CA$179.40, 4 analysts) are excluded. US-listing MarketBeat consensuses pulled the same day and not converted or averaged: Waste Connections US$202.39 (19 analysts, NYSE), TFI US$167.94 (19, NYSE), GFL US$57.56 (14, NYSE). USD upside in the text uses the October 23 NYSE close. Ratings are the TradingView recommendation mark, not MarketBeat’s label. Waste Connections reports in US dollars; the table’s revenue and earnings are the CAD field. The October 21 Waste Connections figures and the October 22 Mullen figures are from the company results as written up in the StockSummarizer briefs and landed after, or on, the dates in those briefs. Mullen’s October 23 close is the day after the spike. TSX Composite returns are Yahoo Finance chart history for ^GSPTSE on the same windows.

Sources for the downgrade, the quarters, targets and the screener

• Yahoo Finance chart history, TSX closes for October 23, 2026, and the window dates under the performance table; NYSE closes on October 23, 2026 for WCN, TFII and GFL; ^GSPTSE on the same windows
• TradingView Canada scanner, pulled October 27, 2026, cross-checked against the published Royal Bank row from merge tsx-2026-10-25.csv
• CN Rail downgrade and second-quarter results — StockSummarizer brief dated 2026-10-20; third-quarter release October 30, 2026, call 8:30 a.m. ET
• Waste Connections third-quarter results, October 21, 2026 — StockSummarizer brief dated 2026-10-22
• Mullen Group third-quarter results, October 22, 2026, and the Willson International agreement — StockSummarizer brief dated 2026-10-23
• Air Canada substantial issuer bid, September 28, 2026 — StockSummarizer brief dated 2026-09-29
• TradingView earnings calendar, checked October 27, 2026, for CP, GFL, TFII, AC, CJT, EIF, WCN and MTL
• MarketBeat forecast pages pulled October 27, 2026: TSE for CP, CNR, WCN, GFL, TFII, EIF, AC, MTL and CJT; NYSE for WCN, TFII and GFL
• StockSummarizer coverage log — CN brief 2026-10-20; Waste Connections brief 2026-10-22; Mullen brief 2026-10-23; Air Canada brief 2026-09-29
• Bank of Canada rate announcement, October 28, 2026 (overnight target raised to 2.50%; Bank Rate 2.75%), as reported by Reuters and CBC; next decision December 9, 2026
• TD Securities, Weekly Bottom Line, November 6, 2026 (WTI, copper, gold, Canada 10-year yield); Baystreet.ca and Investcom TSX close reports, November 6, 2026 (S&P/TSX Composite 35,789.09, +0.48% on the week; October unemployment rate 6.7%)

Media credits

Wikimedia Commons photographs, cropped to 16:9 and resized for this page. No AI-generated images were used. Company logos and video thumbnails on linked stock summaries keep the credits on those pages.

• Hero: “CN 8015, 5690 and 5517 Hinton - Jasper” by Kabelleger / David Gubler, CC BY-SA 4.0, via Wikimedia Commons. Canadian National freights between Hinton and Jasper, Alberta.
• Morant’s Curve: “CP GE AC4400CW 8608 Morant’s Curve” by Kabelleger / David Gubler, CC BY-SA 4.0, via Wikimedia Commons. Canadian Pacific oil train in the Kicking Horse Pass.
• Air Canada: “Air Canada B789 (C-FRSI), Frankfurt” by Matti Blume, CC BY-SA 4.0, via Wikimedia Commons. Departure from Frankfurt. The photographer’s caption identifies flight 843 to Toronto-Pearson.

By Andrew · stocksummarizer.com