本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 8 January 2025 Global Research U.S. Transportation 2025 Outlook: Gradual Cycle Turn Points To Modest Growth; Focus On Idiosyncratic Drivers We expect a muted freight backdrop and gradual cycle turn We are adjusting our 4Q forecasts and also lowering our 2025 EPS estimates for the railroads and also LTL names ODFL, SAIA, and XPO. Our new EPS estimates for both groups reflect the expectation of less growth in carloads / shipments and more modest margin expansion. The ...