UPDATE: Bank Of America Reiterates On Canadian Pacific Railway Limited On Great Management Team

In a report published Monday, Bank of America analyst Ken Hoexter reiterated a Buy rating on Canadian Pacific Railway Limited (NYSE: CP), and raised the price target from $225.00 to $245.00.

In the report, Bank of America noted, “We reiterate our Buy and raise our target to $245. Rarely in our decades of research, has the obvious become so crystallized. Following Pershing's proxy battle in 2011/12, the installation of Hunter Harrison as CEO, the addition of Keith Creel as president & COO, and the complete revamp of CP's operations, marketing, and management team (CFO, HR, Labor Relations, IR, etc…), we focus on buying the best management team, as they have proven an ability to make a structural difference. We have attended 7 analyst meetings led by Hunter Harrison at both CP and CN over the past 13 years (including 1 as CN's EVP & COO), and note the rapid pace at which he built CP's team, from what was a thin bench, into one of the most skilled and deep organizations. Mr. Harrison's organizations have topped targets from nearly every analyst conference, often by years, not months.”

Canadian Pacific Railway Limited closed on Friday at $214.67.