The Globe and Mail reports in its Tuesday, Jan. 9, edition that Susquehanna analyst Bascome Major has lowered his recommendation for Canadian Pacific Kansas City to "neutral" from "positive," believing its "valuation should compress back to a Canadian rail baseline as the KSU merger 'story' becomes 'steady-state.'" The Globe's David Leeder writes in the Eye On Equities column that Mr. Major cut his share target by $3 to $87 (all figures U.S.). Analysts on average target the shares at $86.36. Mr. Major says in a note: "We upgraded CPKC to 'positive' in early 2022, shortly after the financial close of the KSU acquisition and over a year before the STB approved the deal last March and integration began in earnest. Since then, CPKC shares have outperformed railroad peers and broader indices. That said, CP's outperformance over that period has been fueled by multiple expansion, with 2024 consensus EPS revisions for CPKC at the low end of the group over the same period (down 25 per cent vs. peers down 8 per cent to down 22 per cent). Keith Creel has more than earned his reputation as the most respected CEO in rails, and we continue to see a long runway for top- and bottom-line growth at CPKC."