Stifel analyst Michael Baudendistel upgraded Canadian Pacific to Buy while lowering his price target for the shares to $244 from $247. The analyst believes the selloff in the stock earlier this week provides "sufficient upside" for a Buy rating. Further, he says he did not fully appreciate the opportunities and strategic initiatives Canadian Pacific has in its pipeline prior to the investor day last week. These include the potential to expand capacity in key locations near terminals, the benefits of investment in new equipment such as the high-capacity grain cars, and recent operational improvements to intermodal operations, Baudendistel tells investors in a research note.