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Fly News Breaks for January 22, 2016
NSC, CP
Jan 22, 2016 | 07:25 EDT
UBS said shares of Canadian Pacific (CP) remain attractive without a combination with Norfolk Southern (NSC). Although management left the door open for future talks, they also indicated they are less likely to pursue a combination, the firm noted. UBS lowered its estimated on Canadian Pacific, citing weak energy and agriculture volume, but sees significant cost cuts and foreign exchange tailwinds supporting their earnings outlook. UBS reiterated its Buy rating but lowered its price target to C$178 from C$204 on Canadian Pacific shares.
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