Canadian Pacific among stocks featured
Scotiabank analyst Konark Gupta upgraded to “sector outperform” from “sector perform” on increased confidence its merger with Kansas City Southern will be finalized.
Mr. Gupta said if all this plays out as he expects, CP shares could climb to C$140 or higher over the next two to three years. And even if the merger is rejected, which he thinks has less than 5% odds of happening, shares could fall 10% to 15% - but even that could be an opportunity for long-term investors.
“Nevertheless, it seems this conflict presents a significant hurdle for REUN to raise the additional capital necessary to further develop RE104, introducing significant uncertainty into the viability of the company’s lead program. Due to our limited visibility on the path forward, we downgrade our rating,” he said.
In preliminary fourth-quarter results last week, the company reported adjusted EBITDA of $13.9 million, substantially ahead of Canaccord’s $5.7 million estimate and consensus of $6.3 million. Full results were released this week.
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