Scotiabank analyst Konark Gupta upgraded Canadian Pacific (CP) to Outperform from Sector Perform with a price target of C$116, up from C$110. The firm has fully integrated KCS (KSU) into its model, as after some delays, CP has finally reached the last step in the regulatory process, the analyst tells investors in a research note. The stock’s valuation is also more attractive after underperforming the TSX and S&P 500 over the past 3-4 months. If the firm’s thesis plays out, CP could have upside risk to C$140+ in 2-3 years, the firm says.
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Published first on TheFly
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