Deutsche Bank downgraded Canadian Pacific Kansas City to Hold from Buy with a price target of $77, down from $85. The firm sees double digit upside potential for the majority of its rail coverage over the course of next year, but says its valuation framework implies less upside at Canadian Pacific. CP has managed the current difficult environment well, but Deutsche’s forward estimates together with the company’s high multiple “just don’t warrant a Buy rating,” the analyst tells investors in a research note.
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