The Globe and Mail reports in its Friday, Oct. 27, edition that Raymond James analyst Steve Hansen has elevated his recommendation for Canadian Pacific Kansas City to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hansen is sticking with his $115 share target. Analysts on average target the shares at $116.14. Mr. Hansen believes CPKC deserves a premium multiple "given its unique growth opportunities." However, Mr. Hansen made modest reductions to his forecast for 2024 and 2025 after CPKC cut to its full-year guidance. Mr. Hansen says in a note: "[We are upgrading our rating] based upon the firm's solid 3Q23 print and associated commentary suggesting: 1) the worst of the freight recession is behind us (traffic growth is re-emerging); 2) revenue/cost synergies are tracking ahead of plan; 3) key operating metrics are gathering momentum; and 4) notwithstanding lingering macro volatility, management remains confident in the 2024 outlook. Lastly, while CPKC shares still command a lofty valuation premium over its Class 1 peers, we believe the sharp pullback over the past month has introduced a more attractive, risk-adjusted entry point for long-term investors."