As previously reported, Bernstein analyst David Vernon downgraded Canadian Pacific to Market Perform from Outperform as he thinks 2019 will represent a peak rate of near-term earnings growth for the company, making it difficult for the stock to re-rate to a higher multiple. While strong execution can help Canadian Pacific deliver bullish top line expectations, Vernon thinks it will be difficult for the company to sustain elevated rates of top line and EBIT growth given the uncertain macro environment. As such, the analyst believes the company will perform more in line with the market over the next year.