Stifel Resumes Canadian Pacific Railway Limited (CP) at Hold
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Stifel analyst Benjamin Nolan resumes coverage on Canadian Pacific Railway Limited (NYSE: CP) with a Hold rating and a price target of $80.00.
The analyst commented, "While there may be some risk of marginalization for Canadian Pacific if CNI is able to push through the merger with KSU, we believe the company should still be in a strong position for growth driven by agriculture, energy, materials, and minerals, with the least exposure to intermodal which we believe could be peaking. CP is the industry leader in operating ratio, have been able to significantly outperform the competition with respect to earnings growth, and consequently CP shares have been the best performer (excluding KSU) in the group over the past 1, 2, and 3 years. However, with the entire peer group trading near peak multiples and given our view that incremental improvements are likely to be harder to come by, we would wait for a slightly better entry point and are resuming coverage with a Hold rating and an $80 target price."
Shares of Canadian Pacific Railway Limited closed at $75.93 yesterday.
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