Canadian Pacific price target lowered to $89 from $90 at Barclays

Barclays analyst Brandon Oglenski lowered the firm’s price target on Canadian Pacific to $89 from $90 and keeps an Overweight rating on the shares. The analyst says transportation earnings will likely be soft as freight demand generally contracted in Q1. However, with valuations mostly below a market multiple, many stocks already reflect a weak environment and destocking suggests fundamentals should improve later this year, the analyst tells investors in a research note.