Loop Capital analyst Rick Paterson raised his price target on Canadian Pacific to CAD324 from CAD306 and kept his Buy rating after its "very strong" Q4 results. The analyst notes that the volume growth of 4.6%, operating ratio of 56.4%, and core pricing increase of about 4% were all "really good". Paterson adds that while the speculation around the longevity of crude oil downturn is "clearly a risk", he also sees the company "being extremely careful with capital in terms of supporting this business." With conversion to Precision Scheduled Railroad complete, the analyst sees the company's implementation risk as low relative to the other major rail names and its operational execution as "the best in the industry" over the past 6 months.