Canadian Pacific Kansas City price target lowered to $84 from $92 at Argus

Argus lowered the firm’s price target on Canadian Pacific Kansas City to $84 from $92 but keeps a Buy rating on the shares. The company’s recent results have been solid, given economic conditions, though on valuation, the stock is currently trading at 22-times the firm’s 2024 EPS estimate, near the high end of the five-year historical range of 14-24 and above the North American peer average of 19-times, the analyst tells investors in a research note. Argus adds that it is positive on the company on a macro basis as the rail industry has been in more of a secular growth trend than other transport options.