Strategic Positioning and Rail Mergers Propel JB Hunt's Growth ProspectsWe see the potential for short-term service/customer disruption, but we think it would benefit. Given Hunt’s 30%+ share, it should benefit from the market opportunity, potentially disproportionally, as the BN revenue share should extend to any acquired rail. We estimate ~$100m in incremental EBIT to Hunt from revenue synergies longer term. Rails – The wrinkle for Hunt is that most of its eastern volume moves on NS. By our estimates, eastern share is split 85%/15% in favor of NS, and if BN merged with CSX, we’d expect that relationship to at least flip, if not wind down more materially with NS (likely requirement of the rev share agreement). While this could cause shorter-term disruption, CSX’s network will be meaningfully more competitive with NS post the Howard St. tunnel project, supporting growth.