Canadian Pacific Kansas City price target raised to $94 from $80 at Susquehanna

Susquehanna analyst Bascome Majors raised the firm’s price target on Canadian Pacific Kansas City to $94 from $80 and keeps a Neutral rating on the shares. The firm says rail fundamentals enter Q4 a “mixed bag,” with the near term “sideways at best but emerging reasons for mid-term industrial optimism.” Rails now face a strike at all east and Gulf container ports that will hurt intermodal volumes, but on the positive side, volumes looked solid overall in Q3 despite mix pressures from intermodal, the analyst tells investors in a research note. Susquehanna looks for better entry points or slight cyclical improvement before positioning broadly for a rail recovery.