The Globe and Mail reports in its Wednesday, Oct. 4, edition that Stifel analyst Benjamin Nolan is sticking with his "hold" recommendation and $79 share target for Canadian Pacific Kansas City (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $91.46. Mr. Nolan says in a note: "This quarter marked the official merger of Canadian Pacific and Kansas City to create CPKC which has already resulted in both revenue and cost synergies for the combined company. Based on preliminary data provided by CPKC and AAR, We are estimating CPKC's total volume to flat year-over-year in the third quarter. The 3Q average terminal dwell estimate is 11.3 hours, up from 10.4 hours in 2Q23. Estimated velocity is 17.9 mph for 3Q, slightly down from 18.2 mph last quarter. We estimate flat revenue growth for 3Q23 of $2.46-billion, which is largely as a result of the KSC merger. We are projecting CP's OR to be 61.5 per cent, which would equate to a 312 bps improvement sequentially, and 484 bps better y/y. Our 3Q23 EPS estimate is 72 cents vs the FactSet consensus estimate of 71 cents. ... Expectations for Q3 are certainly low with the downside baked in."