Gordon Haskett analyst Don Bilson said in an event-driven research note that the corporate jet of CSX (CSX) was in Calgary, the home of Canadian Pacific (CP), on Wednesday, according to a service that tracks corporate jet activity. He added that "this happens to be the first time the Florida-based CSX jet has been spotted in Calgary in two years." Bilson also notes that the jets of both corporations were both seen in Chicago on October 31 and then again on November 6. While admitting he does not know if the recent visit "had any sort of strategic focus," it seems to Bilson "like a good bet" that CSX "stopped by CP while it was in town." Though "an unusual sighting is hardly confirmation that a deal is in the works" and travel data "doesn't have a very high hit rate," Bilson said the trip "hints at" possible deal-talk between the two, which have been rumored as merger candidates.

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.