Citi analyst Christian Wetherbee raised his price target for Canadian Pacific (CP) to $155 saying it's time to revisit the long thesis for the stock. Should the Surface Transportation Board view the voting trust favorably in advance of Norfolk Southern's (NSC) shareholder meeting, shareholders will likely vote in favor of Canadian Pacific's merger proposal, Wetherbee tells investors in a research note. Such a move could unlock some of the $1B-plus in value CP believes it can find in improved Norfolk Southern operations, the analyst contends. He adds that should the Surface Transportation Board rule unfavorably, CP will likely launch a buyback of up to C$3B, which would affirm double digit earnings growth in 2017. He believes CP shareholders win under either scenario and keeps a Buy rating on the shares.

Loop Capital raised the firm's price target on Norfolk Southern to $270 from $261 and keeps a Buy rating on the shares as part of a broader research note on Transportation names. The firm is adjusting its estimates on the stock following its Q1 pre-announcement last week.