Morgan Stanley Sees Reasons to Remain Bullish on Canadian Pacific Railway Limited

In a report published Friday, Morgan Stanley analyst William J. Greene reiterated an Overweight rating and $180.00 price target on Canadian Pacific Railway Limited CP. In the report, Morgan Stanley noted, “Despite rising ~120% over the past 18 months, we believe there is further scope for upside surprise at CP and that shares represent a compelling risk-reward even after the run. CEO Hunter Harrison has a long history of surprising to the upside. Though the pace of the improvement at CP has been far better than even we anticipated (and we were quite bullish from the start), we believe there are still four potential surprises in 2014/15 that can drive shares higher, but not yet priced into shares. Thus, we reiterate our Overweight rating.” Canadian Pacific Railway Limited closed on Thursday at $150.28.