Scotia Capital has raised its one-year target price for
Canadian Pacific Railway Ltd. (
TSX: T.CP,
Stock Forum) shares to $170 from $162.
“We think there is still upside potential to the shares as CP is enjoying strong momentum in its turnaround strategy with a solid management team that is executing well,’’ wrote Scotia Capital analyst Turan Quettawala in a research note.
Scotia Capital has also raised its fourth quarter 2013 and 2014 recurring earnings per share estimates to $2.10 and $8.93 respectively, due mainly to better operating ratios, Quettawala wrote.
CP shares eased 0.57% to $158.53, leaving a market cap of $28 billion, based on 175.4 million shares outstanding. The 52-week range is $167 and $105.