Canadian Pacific Kansas City price target raised to $91 from $89 at Evercore ISI

Evercore ISI raised the firm’s price target on Canadian Pacific Kansas City to $91 from $89 and keeps an Outperform rating on the shares. For the rails, the firm is lowering Q3 EPS estimates “across the board, by varying magnitudes,” with the carry forward from softer yields and a more muted macro backdrop, at least as it relates to the trucking and broader transportation market, resulting in reductions to its 2025 EPS forecasts as well. The firm is also adjusting price targets for new 2025 estimates and modest tweaks to relative target multiples, the analyst tells investors in a sector note.