Loop Capital analyst Rick Paterson downgraded Canadian Pacific (CP) to Hold from Buy with C$340 price target due to the recent run-up in its stock price to within 3% of his price target. Despite the rating change, the analyst remains positive on the railroad fundamentals, saying Canadian Pacific is the "best-in-class operator in its industry." Paterson adds that while the company's volumes quarter-to-date have been "a little soft", they are still "significantly better" than most of its U.S. peers and offer better performance than the strike-impacted Canadian National (CNI).