UPDATE: Stifel Nicolaus Downgrades Canadian Pacific Railway to Hold on Limited Upside Potential

Stifel Nicolaus downgraded Canadian Pacific Railway CP from Buy to Hold and removed the price target of $138.00. Stifel Nicolaus noted, "However, with the company's shares up 19% since the company's December 5, 2012, analyst day (relative to the S&P 500's increase of 7.0% over that identical period), we are left with less than 10% annualized return over the next two years. Given the high profile nature of the company's impressive Hunter Harrison-driven turnaround effort, it appears that much of the upside in the company's stock has already been discounted by investors. Therefore, we are downgrading the company's shares with the hope of revisiting our Hold rating should the company's shares return to $105 or lower." Canadian Pacific Railway closed at $115.92 on Tuesday.