January 19, 2017 / 5:15 PM / 9 months ago

BUZZ-Canadian Pacific Railway Ltd: Biggest intraday pct gain in 6 months

** U.S.-listed shares of Canada’s No. 2 railroad operator rise as much as 5 pct to $152.56, stock’s biggest intraday pct gain in 6 months

** Company’s Toronto-listed stock up as much as 5.67 pct at C$203.40; among top gainers on the Toronto Stock Exchange

** At least 5 brokerages cut PTs with Macquarie Capital making the biggest cut by $C15 to C$230; median PT C$220.20

** Hunter Harrison announces early departure from Canadian Pacific, followed by reports that he and activist investor Paul Hilal are teaming up for a stake in CSX

** We believe Keith Creel (the new CEO) was already running the show with Harrison’s support, so the transition should be smooth - Konark Gupta, Macquarie Capital analyst said in a note

** We think Harrison did a great job improving CP efficiency, and we think CP is well-positioned to thrive without him - Jim Corridore, analyst at CFRA Research said in a note

** Brokerages largely bullish on stock with 16 out of 22 rating the stock ‘buy’ or ‘higher’ and 6 ‘hold’

** Up to Wednesday’s close, CP’s Canadian stock had risen about 24.2 pct, while its U.S.-listed shares had risen about 35.82 pct in the last 12 months

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