The company could see an upside of 15% after already outperforming this year.
Canadian Pacific will gain momentum through the fourth quarter at a time when many companies are expecting the opposite, JPMorgan said. The rail company broke its all-time monthly tonnage record for grain shipments in October. Grain is helping fuel what analyst Brian Ossenbeck expects to be even bigger upside in the fourth quarter than previously expected as strong potash and intermodal shipments drive demand. He named Canadian Pacific a top pick and has an overweight rating. The stock is up 4.
Earnings have been a mixed bag this season as inflation has made it difficult for companies that benefited from the pandemic to sustain growth. Grain shipments increased 9.8% in the third quarter compared to the same period a year ago. "Canadian rails looked like the only real winners coming out of earnings," Ossenbeck said in a note to clients. Canadian Pacific will benefit from a new investment in a hopper car fleet in the fourth quarter, he said.
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