By William C. Vantuono, Editor-in-Chief, Railway Age Magazine; October 9, 2018
“We have no skepticism in Canadian Pacific’s post-Hunter world, said Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl in comments on Canadian Pacific’s Oct. 4 investor day and 3Q2018 preliminary results. “We are encouraged by CP’s opportunities in intermodal and grain, and believe that increased free cash flow will give management the option to raise the dividend or pay down high yielding debt. We raise our price target to $236.”
“At the investor day, CP highlighted its transition post-Hunter Harrison,” Seidl noted. “While respect was certainly shown toward the rail giant’s career and impact on CP as CEO, CP management, led by CEO Keith Creel, is successfully putting its stamp on this post-Hunter era, as evidenced by strong preliminary 3Q results. Creel emphasized that CP is now primed for further growth in intermodal and grain, with CBR (crude by rail) a third potential area.
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