Canadian Pacific Railway Limited (CP:CN) (CP) PT Lowered to $82 at Cowen, Following Earnings

Cowen analyst Jason H. Seidl lowered the price target on Canadian Pacific Railway Limited (CP:CN) (NYSE: CP) to $82.00 (from $83.00) while maintaining a Outperform rating.

Analyst comments: "CP experienced severe weather in the quarter that fell to the bottom line, coming modestly short of our forecast and consensus expectations. Cautious optimism was expressed on the earnings call, although management withheld from providing financial outlook. KSU acquisition appears to be on track and we are encouraged by synergies upon completion. PT to $82 USD and reiterate Outperform. We adjust our 2022 and 2023 EPS estimates to $3.20 from $3.45 USD and $3.90 from $3.95 USD, respectively. Continuing to use our 21x multiple and our new 2023 estimate, our price target goes to $82 USD."

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