Canadian Pacific Shares Fall On Downgrade
Stock quotes in this article:
CP
NEW YORK (AP) Shares of rail operator Canadian Pacific Railway Ltd. fell Monday after a downgrade from UBS.
The firm downgraded Canadian Pacific to "neutral" from "buy." "We believe the recent outperformance of CP's stock has largely discounted progress towards structural cost reductions, and the expected normalization of bulk volumes over the next 12 to 18 months," UBS said in a research note. Canadian Pacific shares fell $2.11, or 4.2 percent, to $47.96 in morning trading.- Loading Comments...
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