Canadian Pacific Kansas City price target lowered to $87 from $91 at Barclays

Barclays lowered the firm’s price target on Canadian Pacific Kansas City (CP) to $87 from $91 and keeps an Overweight rating on the shares as part of a Q1 earnings preview for the transportation group. The Q1 results are likely come in lower and near-term outlooks challenged as pull forward subsides, tariffs take hold and freight rates “remain tepid,” the analyst tells investors in a research note. The firm says economic warnings from FedEx and U.S. airlines are indicative of weaker PMI, “setting the stage for a tough quarter of management commentary.”