The Globe and Mail reports in its Friday edition that National Bank Financial analyst Cameron Doerksen has reaffirmed his "sector perform" recommendation for Canadian Pacific Kansas City. The Globe's David Leeder writes that Mr. Doerksen cut his share target to $109 from $110. Analysts on average target the shares at $118.71. Mr. Doerksen warns grain is turning from a tailwind for railway companies to a "modest" revenue headwind. Mr. Doerksen says in a note: "Following the drought-stricken harvest in Western Canada in the 2021/22 crop year, strong growing conditions during the 2022/23 crop year led to a good harvest and higher grain volumes for the railroads over the past 12 months. This crop year, however, dry conditions across much of Western Canada have resulted in a relatively weak harvest. Based on estimates from StatCan and the latest crop assessment from Agriculture and Agri-Food Canada, total production of major grain crops is anticipated to be 61.9 million metric tonnes, a 17.4-per-cent year-over-year decline and well below the five-year average of 70.2 million metric tonnes. However, revenue for both [CPKC and CN] will benefit from an increase in the regulated grain shipping rates this crop year."