Canadian Pacific Kansas City price target lowered to C$134 from C$137 at RBC Capital

RBC Capital analyst Walter Spracklin lowered the firm’s price target on Canadian Pacific Kansas City (CP) to C$134 from C$137 and keeps an Outperform rating on the shares. The company’s Q3 results were as expected, but its volume guidance was increased on strong Bulk + Auto out of Mexico, the analyst tells investors in a research note. With very few companies hiking volume guidance in today’s environment, CP’s move to raise volume expectations to mid-single digits demonstrates the company’s unique setup as it executes on the integration upside from the Kansas City Southern deal, the firm added.