Bernstein lowered the firm’s price target on Canadian Pacific Kansas City (CP) to $85.40 from $86.10 and keeps a Market Perform rating on the shares. The firm says the railroads have gone from being a consensus long sector to being a relatively boring group, dragged down by anemic demand and struggling through cost pressure and margin erosion. Bernstein remains of the view that “we are moving past the worst of times.”
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