BofA analyst Ken Hoexter upgraded Canadian Pacific (CP) and Union Pacific (UNP) to Buy from Neutral, citing his expected benefits for carloads from the upside potential of the Phase 1 trade deal with China, signs of stabilizing in the "second derivative carload declines", and continued gains from the Precision Scheduled Railroading overhaul. With 47 of the past 50 weeks showing negative carloads, the analyst expects the declines to decelerate through the first half of 2020.