Canadian Pacific Kansas City's (CP.TO) price target was lowered by RBC Capital Markets and National Bank of Canada following first-quarter results from the railway.
RBC trimmed the company's price target to $121 from $122 while retaining its outperform rating after adjusting its estimates to reflect the appreciation of the Canadian dollar and slightly lower revenue ton-mile growth.
National Bank cut Canadian Pacific's price target to $117 from $118 while keeping its sector-perform rating after slightly trimming its earnings forecast for the company.
Canadian Pacific reported better-than-expected first-quarter results although it reduced its earnings per share guidance in 2025 to 10%-14%, which RBC said is primarily related to foreign exchange.
National Bank noted that a premium for Canadian Pacific is deserved given its strong portfolio of growth drivers, but said its valuation is already baking in solid growth. The company may face further growth headwinds depending on how the U.S. tariff situation plays out, the bank added.
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