Goldman Sachs Downgrades Canadian Pacific Railway Limited (CP) to Neutral

Goldman Sachs downgraded Canadian Pacific Railway Limited (NYSE: CP) from Buy to Neutral with a price target of C$229 (from C$251).

Analyst Tom Kim said, "We recognize CP’s crude business has not yet experienced any impact from lower oil prices, and that management remains confident about its 200k carload target for 2015, which it sees as conservative. However, we believe uncertainty around the impact of lower oil prices warrants a lower valuation multiple, and at current multiple of 19.7x 2015E EPS we see little room for error."

For an analyst ratings summary and ratings history on Canadian Pacific Railway Limited click here. For more ratings news on Canadian Pacific Railway Limited click here.

Shares of Canadian Pacific Railway Limited closed at $191.58 yesterday.

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