UPDATE: BMO Capital Markets Downgrades Canadian Pacific Railway to Market Perform, Raises PT

In a report published Monday, BMO Capital Markets downgraded its rating on Canadian Pacific Railway

from Outperform to Market Perform, but raised its price target from $90.00 to $93.00. BMO Capital Markets noted, “We are raising our target price on CP Rail to $93 from $90. This increase reflects our view that CP Rail continues to make steady progress toward improving its EBIT margin in the coming three to four years. The recent share price appreciation does, however, capture the bulk of the margin expansion opportunity and leaves us with less than 10% upside to our 12-month target. We are lowering our rating to Market Perform from Outperform.” Canadian Pacific Railway closed on Friday at $88.41.