The Financial Post reports in its Wednesday edition that RBC Dominion Securities analyst Walter Spracklin says Pershing Square Capital management head Bill Ackman's decision to pare back holdings in Canadian Pacific Railway this week could signal a shift in the railway's investor base with much of the near-term upside already priced into the stock. The Post's Scott Deveau writes that Mr. Spracklin believes CP's continuing restructuring will lead to improved results, including an expected 21-per-cent annual increase in earnings per share until 2016. But he says that upside is already baked into the company's share price, and Pershing's decision would likely lead to a shift from momentum-driven catalyst investors to more long-term holders as others take some money off the table. Desjardins Securities analyst Benoit Poirier notes CP's shares were trading near Pershing's original target of $140 for 2015 in May. Mr. Poirier says, "We thus see the [Pershing] news as an indication that major upside potential may be limited at current levels." Mr. Poirier targets CP shares at $125. He rates the shares "hold." JPMorgan analyst Thomas Wadewitz expects a muted response to Pershing's move to lighten up on CP.