Commentary

TD Cowen: NEARS Conference Key Takeaways

Written by Jason Seidl, Elliot Alper and Uday Khanapurkar, TD Cowen

We attended the NEARS (Northeast Association of Rail Shippers) Conference, where shippers discussed the current state of the rail industry. Rail service and safety was center stage, with panelist consensus embracing a challenged rail network to start 2023. In our view, decelerating rail volumes and excess capacity over the road may lead the rails to revise outlook during Q123 earnings.

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