ash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer on the Canadian rail industry, with deep dives on Canadian Pacific and Canadian National. We do not believe current valuation appropriately reflects the relative earnings trajectory and shifting market dynamics wi

ash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer on the Canadian rail industry, with deep dives on Canadian Pacific and Canadian National. CANADIAN NATIONAL (CNI): A Victim of Its Own Success; Initiate SeIl$73 PT We see 10%+ downside in CNI shares as the company

ash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer on the Canadian rail industry, with deep dives on Canadian Pacific and Canadian National. Date 31 October 2017 Initiation of Coverage Station Chfi31, CFA Associate Analyst +1.212.2603969 Anilt Mehrotra Resea

31 October 2017 Railroads Canadian Rails 7. Canadian Pacific (CP): Based in Calgary, Canada, operates approximately 12,500 of route miles spanning six Provinces in Canada and 13 states in the U.S. (serving ci

31 October 2017 Railroads Canadian Rails Rating Buy North America Canada Company Canadian Pacific industrials Railroads CPN CPUS Shifting Gears, Initiate Buy/$209 price target Following its multi-year implementation of Precision Railroading

Less than ten years later, CP provided coast to coast passenger service in Canada as well as a number of other services related to trade. By 1986, Canadian Pacific had grown into Canada's second largest company with $15 billion of revenue through a number of different subsidiaries. With CEO William Stinson at

31 October 2017 Railroads Canadian Rails 'Historical recommendations and target price. Canadian Pacific (CP.N: (as et 1060201 7) 200.00 150.00 8 a . Z. 10000 50.00 0.00 Jan '16 May '16 Sep '16 Jan '17 Date Sep '17 Current Recommendations

31 October 2017 Railroads Canadian Rails Model updated: 24 October 2017 Punning Mo number+ North America Canada Railroads Canadian Pacific Reuters: CP.N Bloomberg: CP US Buy Price (30 Oct 17) Target Price 52 Week range L. . Market cap (m) USD 174.7 USD 209.0 USD 139.33 - 177