UPDATE: National Bank Financial Raises PT to $8 on Canadian Pacific Railway Ahead of Q3 Earnings

National Bank Financial reiterated its Sector Perform rating on Canadian Pacific Railway (NYSE: CP) but raised its price target from $81 to $84. National Bank Financial commented, "Consensus expectations for CP imply that it will grow its revenue 7-8% annually through 2015, which would require well-above-GDP growth rates (even including annual price increases of 3-4%). Consensus EPS growth rates are for well-above 20% through 2015. These numbers are clearly baking in substantial operating improvements as well as consistent demand growth. We do not want to discount Hunter Harrison's ability to achieve these results as he has a track record of doing so, but we would prefer to see tangible progress being made before becoming overly bullish."Canadian Pacific Railway closed at $85.57 on Tuesday.