Canadian Pacific Kansas City price target lowered to $91 from $98 at Citi

Citi lowered the firm’s price target on Canadian Pacific Kansas City (CP) to $91 from $98 and keeps a Buy rating on the shares. The firm says sentiment appears to have “rapidly improved” for the North America transports, which has come despite mixed Q3 earnings reports and generally cautious Q4 outlooks. Citi now worries that investors are “chasing stocks that have already risen considerably, with companies having to significantly outperform estimates to justify current valuations.” Alternatively, it sees increasing risk that 2025 earnings could disappoint.