BMO Capital analyst Fadi Chamoun raised his price target on Canadian Pacific to CAD335 from CAD315 and kept his Outperform rating after hosting a meeting of its management and institutional investors. The analyst says the discussions gave him a "greater sense of conviction" in the company's sustainability of revenue growth and margin expansion through 2020 and potentially 2021 as it continues to leverage the improvements in service and network capacity with lowered unit costs and flat capital spending levels. Chamoun contends that these trends are "supportive" for Canadian Pacific's valuation multiple and expects the stock price to become more tethered to growth in free cash flow and earnings.