J.P. 摩根-美股-交通运输与物流业-行业会议总结与常见问题-2020.3.16-22页.pdf

North America Equity Research 16 March 2020 Transportation & Logistics Industrials Conference Recap, FAQs and Current Views, Key Differences for the Railroads vs. 2015 The Industrials Conference provided an opportunity to discuss implications of the oil Airfreight and Surface price collapse shortly after the latest price war began, although the market did not wait Transportation for the details and followed the 2015 playbook by selling rail stocks. U.S. rail AC Brian P. Ossenbeck, CFA underperformance during the current correction was the top FAQ over the last week, (1-212) 622-1023 we expect further weakness could be ahead for stocks which materially outperformed brian.p.ossenbeck@ the last two years and are not yet approaching trough multiples. However, we find Bloomberg JPMA OSSENBECK <GO> several reasons to be more constructive on the rail stocks in 2020 versus the 2015 J.P. Morgan Securities LLC template including tai