UPDATE: National Bank Financial Raises Target to $72 on Canadian Pacific Railway Limite

National Bank Financial raises its price target to $72 on Buy-rated Canadian Pacific Railway Limited

on updated valuation multiple. National Bank Financial notes, "We acknowledge that if CP can improve its operating ratio (O/R) to 70-72% (under current management's plan) or to as low as 65% (as suggested by Pershing Square) that earnings will rise significantly and the stock has room to go higher. However, we remain very hesitant to base our valuation on theoretical earnings targets so far into the future." CP closed at $78.23 a share on Tuesday.