BofA/Merrill Lynch Bullish on Canadian Pacific (CP) Following Buyback News and Into Analyst Day
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BofA/Merrill Lynch analyst Ken Hoexter reiterated a Buy rating and raised his price target on Canadian Pacific Railway Limited (NYSE: CP) to $225.00 (from $210.00) following the company's increased share buyback plan ahead an upcoming analyst day.
The analyst noted CP aims to repurchase C$1.7 billion over the next 2 quarters, nearly triple the firm's C$650 million prior target.
Hoexter said this gives them significant confidence heading into CP's analyst conference tomorrow night and into Thursday, where they expect mgmt. to set 4-year targets that will likely top Street expectation.
The firm raised 3Q14, 2014 and 2015 C$ EPS estimates to $2.49, $8.72 and $11.05, from $2.45, $8.60 and $10.75, respectively.
For an analyst ratings summary and ratings history on Canadian Pacific Railway Limited click here. For more ratings news on Canadian Pacific Railway Limited click here.
Shares of Canadian Pacific Railway Limited closed at $205.15 yesterday.
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