BofA raised the firm’s price target on Canadian Pacific Kansas City to $97 from $87 and keeps a Buy rating on the shares. The analyst says rail carloads ended Q1 up 1% year-over-year, an increase for the second consecutive quarter. Class I rails also have improving operating metrics and service levels, the analyst tells investors in a research note. BofA believes inflecting volumes this early in the cycle set the stage for improved performance.
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- North American rail traffic up 1.8% for the week ending March 30
