Company News

BUZZ-Canadian Pacific Railway: Hits 17-month high on solid Q3, PT raises

** Shares of Canadian railway operator up 5.1 pct at C$220.30 after hitting highest in more than 17 months

** Top boost to S&P/TSX composite index

** At least six brokerages raise PTs after Canadian railroad operator’s solid Q3; Desjardins most bullish, marks up PT by C$14 to C$254, the second-highest on Street

** Posts profit of C$2.90/share, 3 Canadian cents higher than expectations on higher crude, coal, potash shipments

** Expects 2017 EPS to grow in “double-digit” pct from previous guide of “high single-digit” pct

** “Believe demand will continue to recover and service will improve, and we project increased rates for most cargo,” Morningstar analyst writes

** None of the 19 brokerages covering CP have “sell” rating; median PT of C$233, up C$9 in past three months

** Up to Tuesday’s close, CP’s shares have risen ~17 pct this year (Reporting by Yashaswini Swamynathan in Bengaluru)