Susquehanna sees ‘opportunity in fear,’ upgrades Canadian Pacific Kansas City

As previously reported, Susquehanna analyst Bascome Majors upgraded Canadian Pacific Kansas City (CP) to Positive from Neutral with a price target of $92, down from $94. The market’s awakening to Trump’s chance to win on November 5 has weighed on the NAFTA/USMCA-levered company and shares are down 6% on cross-border regulatory fears, underperforming other rails, the XLI and S&P over the last three weeks, the analyst tells investors. However, near-term headline risk creates a long-term opportunity to own what the firm sees as “the best growth story in rails at a fair price,” the analyst added.