BMO Reiterates Perform, PT of $68 on Canadian Pacific Railway

BMO Capital Market reiterates its Marker Perform rating and $68 target price on Canadian Pacific Railway CP as the company bolsters its board with appointments of Tony Ingram and Ed Harris, whose experience is expected to be a big step towards executing a plan the company announced in June. BMO says, "The addition of Messrs. Harris and Ingram (who is credited with turning around CSX operations) reinforce confidence in the execution of this plan. We believe that one of Pershing Square's goals is to make changes to the composition of the management team and the board of CP Rail. Whether Pershing was involved in the decision or whether a preemptive move by CP Rail, we view the announcement as an alignment of shared interests as these two individuals are perhaps the two most qualified in the railroad industry to oversee an operational improvement plan." CP closed at $61.65 a share on Thursday.