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Canadian Pacific Railway Ltd
Symbol CP
Shares Issued 139,845,593
Close 2019-07-15 C$ 309.66
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Globe says Poirier sees softening signs at CN, CP

2019-07-16 08:51 ET - In the News

See In the News (C-CNR) Canadian National Railway Company

The Globe and Mail reports in its Tuesday edition that Desjardins is noticing some signs of softening at Canadian National Railway and Canadian Pacific Railway owing to a stronger loonie, weaker economic trade conditions and trade tensions. The Globe's David Leeder writes that Desjardins analyst Benoit Poirier raised his price target for Canadian Pacific to $319 from $313 and maintained Canadian National at $128. He has "hold" ratings on both. Analysts on average target the shares at $329 and $125. Mr. Poirier says in a note: "We expect pricing power to remain at the high end of the 3 to 4 per cent range in the short term. We still expect both railroads to achieve low-double-digit growth in adjusted fully diluted EPS, which implies strong performance in 2Q19 and beyond. While the Canadian dollar is still a tailwind in 2Q19, a stronger loonie could eventually weigh on both CN and CP. Crude-by-rail (CBR) activity increased significantly in 2Q19 vs 1Q19 on the back of pipeline capacity issues and favourable oil differentials. While there are still uncertainties with CBR, the Alberta government is currently in talks with some oil producers on the possibility of transferring the terms of its CBR contract to them."

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