$CP.TO

BMO Raises CPKC Price Target to $142.00, Keeps Outperform Rating

BMO Capital Markets raised its price target on the shares of Canadian Pacific Kansas City (CP.TO) by $10.00 to $142.00 after it hosted a series of meetings with institutional investors. The company was represented by CP chief executive Keith Creel and Chris de Bruyn, vice-president. Capital Markets & Treasurer."CPKC is our top pick in the Transportation sector and discussions with management over the past few days only reinforced our conviction in the investment thesis," writes analyst Fadi Chamoun, who is maintaining an outperform rating on the stock.Price: $124.90, Change: $-0.98, Percent Change: -0.78%

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

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."

Update: BHP Signs Rail Transportation Agreements With Canadian National Railway and Canadian Pacific Kansas City

(Updates With BHP Canada news and share movement of CNR)BHP Canada, unit of BHP, signed transportation agreements with Canadian National Railway (CNR.TO, CNI) and Canadian Pacific Kansas City (CP.TO, CP), to support the movement of potash from Jansen to Westshore Terminals in Vancouver, where it will be exported to global markets, it said on Thursday.Under the agreements, both the rail carriers will operate unit trains between Jansen and Westshore Terminals. The initial term of the contracts is about four years, supporting Jansen Stage 1 production, with future arrangements to be aligned with the next phase of the project, it said.This comes after Canadian National Railway said its propane export shipments from South Beamer, Alberta to Watson Island, British Columbia reached an "all-time monthly record for the corridor in May, while staying within the existing commercial arrangements."Canadian National Railway noted this represents an increase in carloads of 40% compared to May 2025 and beats its previous monthly record from August 2024. The record was supported by train length optimizations, enhanced network efficiency, and strong execution across the corridor, enabling greater volumes of product to move reliably to the West Coast, CN added.Shares of Canadian National Railway and Canadian Pacific Kansas City were last seen up 0.4% at $166.65, and up near 0.3% at $124.20, respectively, on the Toronto Stock Exchange.Price: $166.70, Change: $+0.73, Percent Change: +0.44%

BHP Announcing Rail Transportation Agreements with CN and CPKC to Bring Jansen Potash to Global Customers

BHP Announcing Rail Transportation Agreements with CN and CPKC to Bring Jansen Potash to Global Customers

Canadian Pacific Kansas City Sets May Record for Canadian Grain Shipments

Canadian Pacific Kansas City (CP.TO) after trade Tuesday said it set a new May record for transporting Canadian grain and grain products, moving 2.9-million tonnes during the month.The company also set a new May record with 30,324 grain carloads, surpassing the previous record established in May 2020, it added.So far in the 2025-2026 crop year, CPKC has transported more than 25.3-million tonnes of Canadian grain and grain products, marking its strongest performance since the record-setting 2020-2021 crop year, according to the statement."It is critical that all supply chain participants, including customer loading facilities and terminal operators loading grain into vessels at ports, operate at full capacity to sustain this strong momentum," the company added.The railway's shares closed up $2.12 to $124.79 on the Toronto Stock Exchange.

UBS on STB Putting Union Pacific-Norfolk Southern Revised Application on Hold

The Surface Transportation Board (STB) this week accepted the Union Pacific-Norfolk Southern revised merger application, but put the review process on hold until July 27 pending further information, UBS notes.The STB identified nine areas where they require supplemental information. UBS believes the area of enhanced competition tops the list as it has received the most pushback from other railroads and constituencies like shipper groups.The board noted the UP-NS Competitive Gateway Pricing (CGP) was the sole competitive enhancement within the merger proposal and requested information about the exclusions to the use of CGP, including the potential consumer surplus that would be generated if the exclusions were not in place and also the logic for putting these exclusions in place. "The decision points to potential STB interest in removing exclusions / broadening the application of CGP and also potentially making the program permanent (vs the proposed 5 yr period)," UBS writes.UBS expect other Class I railroads to show the greatest resistance to the merger while other constituencies (shippers, unions) are also factors in the process.Price: $164.28, Change: $+0.46, Percent Change: +0.28%

Canadian Pacific Kansas City Receives 72-Hour Strike Notice From IBEW

Canadian Pacific Kansas City (CP.TO) received a 72-hour strike notice from the International Brotherhood of Electrical Workers (IBEW) Canadian Signals and Communications System Council No. 11, it said overnight Wednesday.The company said it has prepared contingency plans that will allow CPKC to continue to serve its customers and the Canadian economy, should a work stoppage occur. "Safe and efficient railway operations will continue," it said.The IBEW has said it intends to strike at 08:00 MDT Sunday, May 31. IBEW Canadian Signals and Communications System Council No. 11 represents approximately 300 Signals & Communications employees across Canada."We remain committed to bargaining in good faith with IBEW in order to reach a negotiated outcome that is in the best interests of our employees and their families, our customers, and the company," said the company in a statement. "Negotiations will continue into the weekend."Shares of the company closed up 2.6% at $126.24 on Wednesday on the Toronto Stock Exchange.

CPKC Said It Received 72-Hour Strike Notice From IBEW

RBC's Key Rail Takeaways From Industrials Conference

Last week's RBC Canadian Industrials Conference reinforced a broadly constructive backdrop for the rails, with pricing trending ahead of inflation and improving network fluidity across CN Rail (CNR.TO), CPKC (CP.TO), report RBC Capital Markets analysts Walter Spracklin and James MacGarragle.Key takeaways:On CN, the Western Canada infrastructure buildout (Edson Subdivision, Zanardi Rapids Bridge, Glen Valley to Abrahamson) sets the stage for meaningful operating leverage as volumes recover.For CPKC, the analysts believe KCS synergies are on track to be fully realized by year-end, two years ahead of schedule, though the bigger story remains the Mexico opportunity which is still in the "first inning".Price: $159.76, Change: $+0.01, Percent Change: +0.01%

CP Rail Reiterates Union Pacific, Norfolk Southern, Merger "Unnecessary", Does Not Meet STB Benchmark

Canadian Pacific Kansas City (CP.TO), down 1.3% in U.S. pre-market trading, said Monday that the refiled merger application by Union Pacific (UP) and Norfolk Southern (NS) does not change the fact that the merger is unnecessary.The refiling was made to the Surface Transportation Board (STB) on April 30.CP Rail chief executive Kevin Creel notes in a statement that despite taking "nearly four months to refile their application, longer than it took for them to prepare the initial filing, UP and NS' new application doesn't change the underlying reality that this mega-merger is unnecessary and falls well short of meeting the high benchmark set out in the STB's updated 2001 major merger rules."If completed, the merger could place nearly half of U.S. freight rail traffic in the hands of a single company that has had a history of "abusing market power to the detriment of American businesses and workers," Creel adds.In comments filed on May 8, CPKC points out that UP and NS have not appeared to address specific STB requirements on a detailed market impact analysis based on their projected future shares of rail traffic flows for key commodities and corridors.CP Rail shares were last seen down US$1.07, to US$85.00 in U.S. pre-market trading.

CPKC, CSX Upgrade Southeast Mexico Express

Canadian Pacific Kansas City (CP.TO and NYSE: CP) and Nasdaq's CSX Corporation have upgraded the Southeast Mexico Express (SMX) premium service, "featuring faster transit times with more origin and destination options for customers looking to reach new markets", CP said Wednesday.The new SMX premium service schedule and routing options launched May 4, 2026, offer "truck-competitive transit times" between southeastern markets such as Atlanta, Charlotte or central Florida, and markets in Texas and Mexico, including Dallas and Monterrey, the CP statement said.The service improvements have reduced transit times for every previously available SMX option, while these reductions range from approximately one-day-faster service between Atlanta and Dallas, and approximately 2.5 days faster between Atlanta and central Mexico, it added.SMX improvements are the result of capital investments in track, bridges and signal infrastructure on the former Meridian & Bigbee Railroad (MNBR) and continued investments across the corridor in Georgia, Alabama, Mississippi, Louisiana, and Texas offering greater speeds and more efficiency, according to the statement.Shares in CP were last seen up $1.98 or 1.7% at $115.75.Price: $116.21, Change: $+2.40, Percent Change: +2.11%

Canadian Pacific Kansas City sets new April monthly grain records

Canadian Pacific Kansas City (CP.TO, CP) on Monday said it set a April record for shipments of Canadian grain and grain products, moving 2.9 million tonnes (MMT) last month, surpassing the previous tonnage record set in April 2020.Last month's 30,381 carloads also set a new April monthly record, beating the previous high set in April 2020, the company said.First quarter totals of 7.2 MMT beat the previous record quarter reached in the first quarter of 2021. Through the first 38 weeks of the 2025-2026 crop year, CPKC transported more than 21.9 MMT of Canadian grain and grain products, said the company adding these are the largest Canadian grain totals since the record setting 2020-2021 crop year."We have started 2026 with a record first quarter for the movement of Canadian grain and have set monthly records in three of the first four months of the year as we move a record grain crop across Western Canada," said Elizabeth Hucker, vice-president sales and marketing bulk. "Our ability to safely and efficiently deliver record grain volumes comes from sustained investments in the grain supply chain and working closely with our customers across our network."The company's shares closed down $4.09 to $113.07 on the Toronto Stock Exchange.

RBC Raises Price Target on CN Rail, Lowers Target on CP Kansas City

RBC Capital Markets raised its price target on Canadian National Railway Co. (CNR.TO, CNI) to $178 from $160, and lowered its target on Canadian Pacific Kansas City Ltd. (CP.TO, CP) to $127 from $128.Analyst Walter Spracklin maintained an Outperform rating on both Canadian-based railways following their quarterly results."While CN delivered an inline result vs consensus (note that estimates moved higher into the quarter report), expectations for higher operating leverage following the strong performance across US peers did not materialize in Q1, leading to an early sell-off in the shares," Spracklin said in a note to clients."Key is that we believe this to be a knee-jerk reaction to the headline result, as management did a good job on the call to flag what we characterize as discreet Q1 costs," the analyst said."We expect operating leverage to pick up through the course of the year and see upside to guidance and consensus numbers.""We expect CP shares to come under some pressure on the back of Q1 results that were below expectations and trends that put full year guidance at risk," Spracklin said."Notable was a coal production issue at a major customer, which was called out as a 100bp headwind to volumes," the analyst said."While management guided to a strong sequential improvement in Q2, we are taking our numbers down to the very low end of management guidance for MSD volume and LDD EPS, with risk to the downside."

CPKC Q1 Profit Falls 6.4%, Misses Estimates As Revenue Declines

Canadian Pacific Kansas City (CP.TO, CP) after the close Wednesday reported a 6.4% year-over-year decline in first-quarter adjusted net income as lower revenue led the company to miss analysts' estimates.Core adjusted net income, excluding most one-time items, for the three months ended March 31 ,was C$929 million, or C$1.04 per share, down from C$992 million, or C$1.06 per share, a year earlier. The result missed FactSet's consensus analysts estimate of C$1.07 per share.Revenue for the quarter fell 2.5% year over year to C$3.70 billion from C$3.78 billion, also below FactSet's estimate of C$3.75 billion.The railway's core operating ratio, an efficiency measure where lower is better, rose 50 basis points to 63% from 62.5%.Volumes, measured by revenue ton-miles, rose 2%, while the core adjusted operating ratio increased 50 basis points to 63.0% from 62.5%."Our talented team of world-class railroaders executed our precision scheduled railroading plan with discipline, driving meaningful improvements in network fluidity, terminal performance and other key operating metrics, while delivering solid first-quarter results," said chief executive Keith Creel."Despite ongoing market and macroeconomic headwinds, we delivered volume growth demonstrating the resiliency and competitive advantage of our unrivalled North American network," he added.Additionally, on Tuesday, the company said its board approved a 17.5% increase in its quarterly dividend to 26.8 Canadian cents per share from 22.8 cents per share.Company's shares dropped US$1.18 to US$83.10 in after-hours trade on Nasdaq after closing down C$3.34 at C$115.30 on Toronto Stock Exchange.

Earnings Flash (CP.TO) Canadian Pacific Kansas City Q1 Revs and Core Adjusted Diluted EPS Both Decreased 2%

Earnings Flash (CP.TO) Canadian Pacific Kansas City Q1 Core Adjusted OR Increased 50 bps to 63%

Canadian Pacific Kansas City Q1 Revenues of $3.7B, Diluted EPS of $0.94 and Core Adjusted Diluted EPS of $1.04

RBC on CPKC's New Collective Agreements With SMART-TD and BLET

Canadian Pacific Kansas City (CP.TO) last week announced tentative collective bargaining agreements with two unions; the Sheet Metal, Air, Rail and Transportation Works - Transportation Division, (SMART-TD) and the Brotherhood of Locomotive Engineers and Trainmen (BLET), that consolidate 11 contracts into two streamlined hourly agreements covering about 1,700 T&E (train and engine) employees.Each agreement runs to 2034, providing nearly a decade of labor stability across a significant portion of CPKC's U.S. operations, notes RBC analyst Walter Spracklin and James McGarragle.The new agreement model reduces work rule segregation and yields a more productive workforce and operational efficiencies, CPKC told RBC. With most of the railway's U.S. network now on hourly agreements, management expects network-wide standardization to unlock incremental operational savings, Spracklin and McGarragle write.Combined with the previously ratified Soo Line BLET agreement (December 2025, not reopening until 2029), these deals would cover ~81% of CPKC's U.S. T&E workforce upon ratification, they add.Price: $119.43, Change: $+0.34, Percent Change: +0.29%

CPKC Up 2.7% In US Premarket After Reaching Tentative Long-Term Hourly Collective Agreements With Railroaders

Canadian Pacific Kansas City (CP.TO, NYSE: CP) reached new tentative collective bargaining agreements with the Sheet Metal, Air, Rail and Transportation Works, Transportation Division (SMART-TD) and the Brotherhood of Locomotive Engineers and Trainmen (BLET) consolidating 11 existing contracts across the company's U.S. network into two new long-term hourly agreements, the rail giant said over the weekend.Each of the tentative agreements has a term from 2025 to 2034 and covers about 1,700 Train & Engine (T&E) service employees across 11 states, including Illinois, Iowa, Missouri, Kansas, Oklahoma, Arkansas, Texas, Mississippi, Alabama, Tennessee and Louisiana, it added."This is a significant milestone for our railroaders and our network," said Keith Creel, CPKC President and CEO. "These historic tentative agreements provide long term labor stability while enhancing flexibility and bringing meaningful improvements in pay and quality of life for our railroaders."The SMART-TD agreement covers conductors, brakemen, and other train service employees, while the BLET agreement covers locomotive engineers and other T&E employees, "bringing railroaders previously covered under multiple agreements into a modern, streamlined labor framework aligned with CPKC's integrated North American network", CPKC's statement said.The ratification of these two long-term hourly agreements, combined with the recently ratified Soo Line BLET agreement, would represent the conclusion of negotiations for approximately 81% of CPKC's U.S. T&E workforce. The Soo Line BLET agreement ratified in December 2025 is not scheduled to reopen again for collective bargaining until 2029, it added.Shares in CP were up $0.64 or 0.5% to $118.72 in Canada last Friday. They were up 0.8% in the US that day, and were at last look up 2.7% to near 52 week highs in premarket today.

CN Rail and CP Kansas City Price Targets Raised at Raymond James

Raymond James raised its price target on Canadian National Railway (CNR.TO, CNI) to $170 from $162, and on Canadian Pacific Kansas City (CP.TO, CP) to $125 from $120 on Thursday.Analyst Steve Hansen maintained an Outperform rating on both Canadian railways."Canadian rail traffic is off to a better-than-expected start in 2026," Hansen said in a note to clients. "While January struggled (acute weather), traffic accelerated through February/ March driven by sustained tailwinds in Grain, Intermodal, and PetChem.""Both Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) outperformed our expectations," the analyst said."After an underwhelming FY26 volume guide ('flattish'), CN stood out, in particular, outperforming not only Street expectations, but also its closest peer for a 2nd consecutive quarter. Share price performance followed," Hansen said."Looking forward, we remain cautiously optimistic on both carriers. While the threat of further US trade action still lingers, we see a realistic path to LSD to MSD traffic growth underpinned by: 1) sustained bulk tailwinds (grain, potash); 2) incremental self-help traction; and 3) a rapidly improving economic/freight outlook south of the border. At the same time, emerging inflections in key categories (PetChem, Forestry, FracSand) are expected to influence the growth and yield mix."