Canadian Pacific price target raised to $87.75 from $84.30 at Bernstein

Bernstein raised the firm’s price target on Canadian Pacific Kansas City to $87.75 from $84.30 and keeps a Market Perform rating on the shares. The Q4 earnings cycle has wrapped up for the rails “with a collage of results ranging from disappointing to positive,” the analyst tells investors in a research note. The firm says guidance was mixed around a central theme of volume uncertainty. The first half of 2024 “feels very much like the bottom as a muted environment adds severe weather to its list of headwinds,” says Bernstein. The firm thinks the back half of the year may surprise to the upside.