"BUY" Recommendation 2022-01-31 09:13 ET - In the News
Also In the News (C-CNR) Canadian National Railway Company
The Globe and Mail reports in its Saturday, Jan. 29, edition that Desjardins Securities analyst Benoit Poirier has reaffirmed his "buy" recommendation for Canadian Pacific Railway. The Globe's David Leeder writes in the Eye On Equities column that Mr. Poirier boosted his share target by a loonie to $114. Analysts on average target the shares at $106.35. Mr. Poirier made his target change following CP's release of "soft" quarterly results after the bell on Thursday. Mr. Poirier says in a note: "As expected, 4Q results were somewhat noisy due to the closing of the voting trust in conjunction with the proposed acquisition of KCS. While management did not introduce formal guidance for 2022 due to the transaction's many moving pieces, we are encouraged by management's comments on CP's standalone performance (positive revenue growth with OR improvement). We maintain our bullish stance on CP as the long-term prospects of the KCS acquisition more than offset the short-term noise. We continue to like the long-term potential of the KCS transaction for value creation. As a result, we maintain our preference for CP over CN in the current environment."
https://www.stockwatch.com/News/Item/Z-C!CP-3201392/C/CP