BMO Capital Markets: Canadian Pacific Railway Introduces Potential New CEO
According to a research report published today by BMO Capital Markets, Canadian Pacific Railway (NYSE: CP) hosted a Town Hall meeting in Toronto yesterday where new nominees for the board of directors were introduced, including CEO contender Hunter Harrison.
In the report, BMO Capital Markets said the impact of the meeting was, “Slightly Positive. The meeting represented the first opportunity for investors to see a driven and committed Harrison speak passionately about his desire to lead CP Rail. While there was no specific plan similar to the one presented by CP Rail to achieve low 70% operating ratio, Hunter outlined in broad strokes a vision to achieve 65% operating ratio by implementing the same principles of precision railroading that proved to be highly successful at CN Rail and Illinois Central (IC).”
BMO Capital Markets maintains its Outperform rating and $76 PT on Canadian Pacific Railway, which closed yesterday at $74.71.
