Loop Capital analyst Rick Paterson is raising his price target on Canadian Pacific to CAD284 from CAD275 while also keeping his Buy rating as part of a "housekeeping" note that rolls out his model one quarter and accounts for new forecasts in volumes and fuel prices. The analyst adds that the company's load growth thus far in Q3 is an "impressive" 6.6%, mostly driven by the 5.9% rise last week, and average train speed is seen at 21.8mph quarter to date, up from 21.4mph in Q2. For 2018, Paterson now anticipates a 9% y/y revenue growth excluding fuel charges.

Raymond James raised the firm's price target on Canadian Pacific Kansas City to C$130 from C$120 and keeps an Outperform rating on the shares. While Q1 was volatile from a weather standpoint, the firm entered Q2 "even more confident in the traffic recovery that emerged late last year" and it remains "demonstrably upbeat on the outlook for both Canadian railroads," the analyst tells investors.