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Canadian Pacific Kansas City Price Target Raised to $140 at CIBC

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CIBC Capital Markets raised its price target on Canadian Pacific Kansas City Ltd. (CP.TO) to $140 from $128.

Analyst Kevin Chiang maintained an Outperformer rating on shares of the Canadian railway following CIBC's Spring Industrial Tour and visit to CPKC's Winnipeg, Manitoba yard.

"We walked away from our tour with a greater appreciation for the importance of the Winnipeg Yard, but we also viewed it as a microcosm of CPKC's broader culture," Chiang said in a note to clients.

"Not only has Winnipeg seen a lift in volumes, but it has also been able to handle this growth while improving operational efficiency and maintaining a strong safety culture," the analyst said.

"Looking back over the last 3.5 years, we can see that the dwell time at the Winnipeg yard has exhibited a declining trend."

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