Canadian Pacific Kansas City: Strong Q4 Performance and Promising EPS Growth Outlook Justify Buy RatingWe highlight that coming after the idiosyncratic disruptions in the 3Q, the 4Q represented a record-low combined OR for CPKC, which we think positions the company well into 2025 and beyond. The 4Q OR was also the best OR result in the industry, highlighted in Figure 1. 2025 Importantly, in addition to the strong results the company provided a 2025 outlook that we think will be viewed positively by investors. For 2025, the company is targeting EPS growth of 12% - 18%, representing an acceleration vs. 2024's +11% growth as: (1) RTMs grow by a MSD%, (2) pricing continues to come in above inflation, (3) the top-line growth and productivity improvements drive continued operating leverage and OR expansion to a sub-60 level, and (4) the company returns to buying back shares.