| DON'T BUY | 64.780 | Peter Gibson | Not particularly interested in either Canadian National Rail (CNR-T) or Canadian Pacific (CP-T). | 2008-08-29 | |
| DON'T BUY | 64.780 | Stephen Carlin | Rails are not particularly attractive to him right now. Earnings are de-accelerating and on a year over basis will be negative. Valuations are not particularly attractive. | 2008-08-29 | |
| BUY | 61.510 | John Zechner | Likes the rail stocks in general. Taking market share from the trucking business. Came through a really tough period and yet earnings are missing expectations by only a slight amount. | 2008-08-25 | |
| BUY | 64.690 | Michael Sprung | (Market Call Minute.) Would look at buying it but don't expect any substantial performance in the near term. | 2008-08-14 | |
| TOP SHORT | 64.650 | Ken McCord | Last quarter was their 1st miss in some time but it was a big one. Cockroach theory is that if you see one, there’s another behind the fridge. Increased costs and reduced volumes are a problem. | 2008-07-29 | |
| Comment | 64.210 | Andrew Guy, CFA | Moves commodities. A slowdown of the economy will create some slowdown in the rails. Expect to see more downside in the near term but longer term, you are getting to valuation levels that is attractive. | 2008-07-22 | |
| BUY | 65.340 | Don Lato | Cheap at 13/14X next year's earnings. Earnings growth has tailed off a little bit with the slowdown in the US economy. | 2008-06-11 | |
| BUY | 67.560 | David Baskin | Expensive oil is positive for the rails. They are about 4 times more efficient than trucks per ton-mile of freight. Rails are going to make a lot of money hauling commodities. Everybody should own one of them. | 2008-06-10 | |
| BUY | 74.260 | Michael Sprung | Liked that its exposure was more in Canada, unlike Canadian National (CNR-T) that had north/south traffic. Rails are really making money now in shipping grains, commodities, etc. Not that expensive. | 2008-05-29 | |
| DON'T BUY | 74.480 | Brian Acker, CA | (Market Call Minute.) Model price is $66.21 giving it a -8% differential. | 2008-05-08 | |
| BUY | 68.220 | David Baskin | (Market Call Minute.) Poor earnings today on weather and economic conditions in the US but a good long-term company to own. | 2008-04-22 | |
| Comment | 65.640 | Bruce Campbell | Canadian National (See comments under (CNR-T)) and CP are both going to have difficult 1st quarters. Weather wasn't great. If you have a longer-term view, you could hold it. If you want to try and be tricky, Sell before they report because the numbers will disappoint. | 2008-04-11 | |
| Comment | 65.640 | Paul Thornton | The railroad sector is very strong right now, especially in the US. Canadian National (CNR-T) and Canadian Pacific (CP-T) are not trading very well right now and he is not sure why. He prefers Canadian Pacific. | 2008-04-11 | |
| TOP PICK | 68.560 | Gavin Graham | If you are a believer in the commodity bull market story, particularly agricultural, this is a way to play it. Has gone nowhere over the last year as people worried about sensitivity of rails, but it's up 8.5% this year. | 2008-03-06 | |
| SELL | 68.560 | John Zechner | In the short term, he would be out of the rails. Thinks they will miss the area of expectation for the next couple of quarters. They are great longer-term plays. | 2008-03-06 | |
| TOP PICK | 70.440 | Michael Sprung | Thinks you are buying a little more for your $1 as opposed to Canadian National (CNR-T). One of the major shippers of potash, grains and coal. Less exposed to the US market. Thanks earnings are going to grow from the $4.30 area to over $5 in the next 2 years. | 2008-03-05 | |
| TOP PICK | 71.980 | David Burrows | They are in the sweet spot. If there is growth anywhere in the world, it's in overseas trade. They have potash, grain and coal shipping. They are the only ones of the major railroads that are seeing an increase in loaded cars. A way to play international growth with a Canadian company. | 2008-03-03 | |
| BUY | 71.540 | Robert Floyd | There is strong demand for resources. Also have more of an East/West capacity than Canadian National (CNR-T). | 2008-02-29 | |
| Comment | 70.070 | Norman Levine | Rails are very economically sensitive. Truckers and rails are like the canaries in the mines. If there is any downturn, they will feel it. Less exposed to the US economy then Canadian national (CNR-T), but a bigger commodity exposure. When the US turns around, CNR will outperform. | 2008-02-11 | |
| TOP PICK | 61.910 | Michael Sprung | Likes the grain and the material handling. Proportionately less US exposure than Canadian National (CNR-T). Over the next couple of years, he sees them close to the agriculture and materials market. Sees earnings going well over $5 over the next couple of years. | 2008-01-08 | |
| WAIT | 64.020 | David Cockfield | Canadian National (CNR-T) and Canadian Pacific (CP-T) are economy stocks. People are worried about the economic progress in 08 and into 09. | 2007-12-21 | |
| BUY | 65.700 | Alex Ruus | (Market Call Minute.) Long-term Buy but there may be some volatility in the short-term. | 2007-12-13 | |
| Comment | 59.770 | Peter Brieger | This is on his watch list. This is more commodity oriented and he is bullish on commodities. | 2007-11-26 | |
| Comment | 60.920 | Ron Meisels | One of those things that gets hurt at the tail end of a bear period. Looking at a long-term chart, around the $60 level, there should come in some major support. | 2007-11-23 | |
| BUY | 63.140 | Robert Floyd | One issues is that their Midwest acquisition target got stalled. Stronger Cdn$ is hurting a little bit. Also some slowdown in terms of product being delivered. Thinks transports have been overly hurt in this market slowdown. Reasonable bet at this price. | 2007-11-14 | |
| BUY on WEAKNESS | 62.360 | Peter Brieger | This is on his radar screen. If there is a recession, which he doubts, it would further hurt the rails. Bullish on commodities. | 2007-11-06 | |
| BUY | 62.360 | Michael Sprung | Proportionately less of their business is exposed to the US than that of CNR (CNR-T). Also liked their US acquisition but unfortunately it is going to take longer for the regulators to approve. | 2007-11-06 | |
| BUY on WEAKNESS | 63.820 | Alex Ruus | Right now earnings estimates on the rails are falling. Countervailing that, Warren Buffet continues to buy more and more of his rail stocks. Good long-term buy but you may get a chance to buy it a little bit cheaper. | 2007-11-05 | |
| BUY | 64.790 | Brian Acker, CA | He got out at near $90 on its peak at the spurious takeover thing from Brookfield. It is getting into an interesting territory here. The model price is $71.62, a 9% positive differential. He just got into it again. | 2007-11-01 | |
| TOP PICK | 64.840 | Gavin Graham | Their reported earnings are up 33%. They are ahead of their expections. They will be a big ethanol player with a new takeover(Dakota). They bought below $50. | 2007-10-29 | |
| HOLD | 66.600 | David Driscoll | Hold onto any of the railroads. Owns CN because prefers north, south, east, west to just east-west. | 2007-10-25 | |
| WAIT | 67.450 | Bruce Campbell | Does not own CP right now but has owned in the past. Prefers CN railway because it is a little less cyclical. Both companies have had a weak flattish quarter because of the high Canadian dollar. Long term these companies are good to own as they give a nice broad exposure to the N.A. economy. Expects the stock to go sideways for a while. Best to wait another quarter before buying. | 2007-10-24 | |
| BUY | 67.450 | David Baskin | Likes cp over CN because of their product mix, and the acquisition they made in the mid-west of the US is going to turn out to be very smart over the long haul. | 2007-10-23 | |
| BUY | 68.860 | Bob Stodgell | He likes the rails. It does have exposure to the economy. It's a good infrastructure play. He is more partial to CN then CP but they are both good. | 2007-10-18 | |
| BUY | 68.590 | Laura Wallace | Railways are interesting. Has room for improvement. Good investment, but she chose CN rail instead, although this is still good. | 2007-10-15 | |
| BUY | 67.880 | Michael Smedley | This is the junior of the 5 or so big rail companies. It’s probably ultimately a takeout if commodities stay strong. Well run. | 2007-09-24 | |
| PAST TOP PICK | 71.250 | Gordon Higgins, CA, MBA, CFA | (A Top Pick Oct 12/06. Up 23.1%.) Still a Buy. Economically sensitive. Recently made an acquisition of a US rail. Good growth engine. Their exposure to coal bodes well for them. | 2007-09-12 | |
| HOLD | 73.470 | Alex Ruus | Well run company. | 2007-09-04 | |
| DON'T BUY | 71.800 | Brian Acker, CA | His model price is $69.46 giving it a negative 3% differential. | 2007-08-30 | |
| Comment | 71.560 | Norman Levine | Compared to Canadian National (CNR-T) it has a lot more cyclicality and is more in the commodity moving business. Also less North American exposure. | 2007-08-29 | |
| DON'T BUY | 72.750 | Brian Acker, CA | Model price of $69.15. A negative 2% differential. | 2007-08-22 | |
| SELL | 69.540 | Norman Levine | Ran up on takeover expectations and the smart thing would have been to sell into that. The likelihood of it being taken over goes down every day as it gets harder and harder to finance. | 2007-08-15 | |
| HOLD | 72.550 | Rob Callander | The whole subprime thing backed up into a possible takeover of this company, which shouted up to $89 but has now come back down. Given the resource strength in Canada, which will continue for many years, he would hold onto the stock. | 2007-08-14 | |
| HOLD | 76.340 | Peter Brieger | PE on this year's earnings is 17.9 dropping 15.1 next year, which is very expensive to most of the other rails. There is still some takeover premium in it. | 2007-08-03 | |
| BUY | 78.950 | Laura Wallace | Likes rails on a longer-term basis. Prefers Canadian National (CNR-T) as it is the best in class. This one is fine. | 2007-08-02 | |
| HOLD | 78.420 | Bill Carrigan | Has not broken down below its trendline. | 2007-07-30 | |
| HOLD | 89.000 | Norman Levine | On a fundamental basis it is now overpriced. Now trading on takeover speculation. If you own, Hold. | 2007-07-18 | |
| PAST TOP PICK | 75.540 | David Baskin | (A Top Pick July 27/06. Up 39.4%.) Sold about 25% of his holdings. Now trading at a high multiple of 19 X relative to its history of 15 X’s. Consider Buying on a correction. | 2007-06-19 | |
| HOLD | 76.770 | Pat McHugh | Great long-term investment. | 2007-05-28 | |
| Comment | 76.000 | Brian Acker, CA | His model price of $76.12 is right on the current price. Would consider taking money off the table. | 2007-05-24 | |
| HOLD | 75.820 | David Burrows | Has recently bought. CP is clearly linked to the strength of the commodities and the strength of the global economy, (grain potash and coal are important to them).
Don't see any significant slowdown. A good core holding for a portfolio. | 2007-05-16 | |
| BUY | 73.000 | David Baskin | Both rail carriers, Canadian National (CNR-T) and Canadian Pacific (CP-T) are doing very well operationally. As fuel prices continued to rise, they have very bright future. | 2007-05-08 | |
| Comment | 65.230 | Bruce Campbell | More economically and commodity sensitive than Canadian National (CNR-T) which is slightly more vulnerable. | 2007-04-02 | |
| TOP PICK | 65.300 | Gavin Graham | A leveraged play on the growth of all the Western commodities. Buying back shares. Increasing the dividend. | 2007-03-26 | |
| BUY | 64.050 | Michael Sprung | Very exposed to moving coal, metals, resources, as well as agricultural products across Canada. Gateway to the Far East. Longer term, both rails will do extremely well. | 2007-03-16 | |
| BUY | 63.450 | Laura Wallace | Reasonable investment, but she prefers Canadian National (CNR-T). Well-managed and the stock has done well. Where CNR is exposed to forest products, this one is exposed to coal. | 2007-03-14 | |
| DON'T BUY | 63.010 | Ross Healey | Historically, this company has managed to get up to about twice Book and then peaked out. His FMV is double the current price. | 2007-03-07 | |
| HOLD | 63.060 | Norman Levine | Likes the outlook for rails. This one is more commodity oriented and has been enjoying the fruits of a very good commodity market. Prefers Canadian National (CNR-T) but this is a good stock. | 2007-02-12 | |
| PAST TOP PICK | 65.240 | Peter Brieger | (A Top Pick Feb 20/06. Up 14.7%.) Still likes and would be a buyer. Can see a steady 5%-10% increase in earnings per share. | 2007-02-02 | |
| WEAK BUY | 63.710 | Brian Acker, CA | Likes this company, but prefers Canadian National (CNR-T). Has a positive differential of about 6%. | 2007-01-17 | |
| BUY | 63.320 | Paul Harris, CFA | Will see some slower growth if the economy slows down, but the rail industry is a great industry to be in longer-term. He prefers Canadian National (CNR-T). | 2007-01-15 | |
| TOP PICK | 61.820 | Steve MacInnes | Rails are a very environmentally friendly means of transportation. This company has lagged some of the other rails, but under a revamped management structure you can see at catching up in a hurry. | 2007-01-11 | |
| BUY | 60.800 | Alex Ruus | A sector that he highly recommends you have a holding in. Excellent investment. | 2007-01-04 | |
| SELL | 61.860 | Peter Hodson | There is a general viewpoint that the North American economy is going to slow down. Expect this stock won’t do that we’ll in this type of environment. | 2006-12-28 | |
| HOLD | 61.170 | Brian Acker, CA | The model price is $55.52, a 6.4% positive differential. He would consider this at $51, or better yet around the $46.60 area. | 2006-12-21 | |
| HOLD | 61.800 | Robert Floyd | Compared to CN (CNR-T), CN tends run its business on more of a North South axis Feels this one is of more reasonable value. | 2006-12-19 | |
| PAST TOP PICK | 62.990 | Gordon Higgins, CA, MBA, CFA | (A top Pick Oct 12/06. Up 8.9%.) Shipping of coal has slipped a little but all others are doing well. Continuing to cut costs. | 2006-11-28 | |
| PAST TOP PICK | 64.850 | David Baskin | (A Top Pick July 27/06. Up 18.1%.) Their one problem is coal, their biggest commodity by ton, is down. They seem to be making up for it with other commodities. | 2006-11-21 | |
| HOLD | 62.700 | Bruce Campbell | Has done very well. A little more economically sensitive than CNR (CNR-T), so sold his holdings recently. | 2006-11-15 | |
| BUY | 64.220 | Stephen Carlin | Did a marvellous job over the last couple of years, Used to always earn a multiple discount to others because of lack of execution. Last year, had a 25% year-over-year earnings growth rate, so they are beginning to show the numbers. However, CN (CNR-T) is still miles ahead on operating ratios. Good company and well managed. Looking for 10%-15% growth over the next year. | 2006-11-08 | |
| BUY | 63.980 | Chyanne Fickes | Likes the rails now. Basic business is doing extremely well. Had problems with coal, which was not doing well, but offsetting that is the increase in grains. Grain stockpiles in western Canada have not been drawn down for the last couple of years, but with Australia’s drought there will be more. Operating ratios are improving. | 2006-11-06 | |
| BUY | 62.740 | Laura Wallace | Reported very good results in their operating numbers. Prefers Canadian National (CNR-T) but this is a good company. | 2006-10-24 | |
| TOP PICK | 58.270 | Gordon Higgins, CA, MBA, CFA | Economically sensitive. Energy prices are dropping. Earnings have been a little weak lately as they are not shipping as much coal out of the Fording coal mine, but that is going to be a short term issue. Working on getting their cost structure down. | 2006-10-12 | |
| PAST TOP PICK | 55.230 | David Baskin | It has increased a little. He is a little disappointed and believes that the stock could have done better. He likes it long term though. | 2006-09-28 | |
| BUY | 54.300 | Chyanne Fickes | Feels that both Canadian National (CNR-T) and Canadian Pacific (CP-T) tend to be defensive in nature. This one has lagged. It also has more exposure to commodities. Of the 2 this would be her preference at this time. | 2006-08-31 | |
| BUY | 54.390 | Chris Smith | Rails have been oversold in the last three months. Good price. | 2006-08-28 | |
| BUY | 53.550 | David Baskin | Pretty much an East/West story. A commodity story. | 2006-08-24 | |
| SELL | 54.360 | Norman Levine | A great name to own as commodities were going up. Believes commodity demand is coming off, so if you want to be in this area, would switch to Canadian National (CNR-T). | 2006-08-22 | |
| WAIT | 54.320 | Jonathen Wellum, B. Comm, B. Sc | Canadian National (CNR-T) and Canadian Pacific (CP-T) are 2 very strong companies. He would give the nod to CNR in terms of their efficiencies. They have both come off recently but would like to see them a little bit lower. | 2006-08-17 | |
| DON'T BUY | 52.970 | Peter Brieger | Very close to buying. Price-earnings ratios at 14.1 for this year and next are virtually identical for both CNR (CNR-T) and CP (CP-T). Prefers CNR of the two. | 2006-08-14 | |
| DON'T BUY | 52.970 | Laura Wallace | Looks interesting. Its quarter was a little disappointing. Prefers CNR (CNR-T). | 2006-08-14 | |
| SELL | 53.030 | Bill Carrigan | CNR (CNR-T) and CP (CP-T) have one thing in common; very energy efficient and very sensitive to the economy. If the economy slows down, and energy prices backed off, they would lose their competitiveness. Easy money has been made. Reduce your holdings, especially on any rally. | 2006-08-11 | |
| BUY | 52.800 | Gavin Graham | Rails are down because of worries about economic slowdown. Canadian rails are more insulated from the US downturn. | 2006-08-10 | |
| DON'T BUY | 53.250 | Peter Brieger | Both CNR (CNR-T) and CP (CP-T) are about the same price earnings multiples on this year's end next year's earnings with just about identical yields. Prefers CNR. | 2006-08-09 | |
| BUY | 53.820 | Robert Floyd | Management feels the second half of the year is going to be stronger. | 2006-08-02 | |
| DON'T BUY | 54.000 | John Zechner | Sold his holdings earlier this year as it had had a decent run. Likes company and management. There has been a total breakdown in the transportation index. Prefers CNR which he owns. | 2006-07-31 | |
| TOP PICK | 54.170 | David Baskin | Reported pretty good earnings. Prospects seem to be good going forward. Potash, coal and grain are going to be the big drivers. The efficiency ratio keeps going up. An attractive entry point. | 2006-07-27 | |
| BUY | 53.900 | Fred Pynn | Positive on both Canadian Pacific (CP-T) and Canadian National (CNR-T) railways. This one is not quite the same quality in terms of their route network. Has higher costs than CN but they are bringing them down. Cheaper. Good management. | 2006-07-26 | |
| DON'T BUY | 55.600 | Norman Levine | Prefers CNR (CNR-T) because it is more diversified, both geographically and what they haul. This one is a commodity hauler, making them more exposed to the commodity market. This is the time you want to lighten up in cyclicals. | 2006-07-25 | |
| SELL | 53.990 | Larry Berman CFA, CMT, CTA | A very cyclical type stock. Very strong support in the mid-$40. Thinks it will come back and test that support. | 2006-07-24 | |
| BUY | 53.100 | Michael Sprung | On a relative price basis, would prefer this to CNR (CNR-T). | 2006-07-18 | |
| BUY | 57.300 | Chyanne Fickes | Has a pretty good outlook. Have had some recent problems with the value of coal and their Fording coal contract, but it looks like a pretty good year for grain. More of their transportation volumes are with higher value added stuff. Stands to benefit from Canada’s growing economy. | 2006-07-04 | |
| HOLD | 54.900 | Jonathen Wellum, B. Comm, B. Sc | Both Canadian Pacific (CP-T) and Canadian National (CNR-T) are exceptionally well-run businesses. If you believe commodities are going to continue to stay strong, then you should stay put. | 2006-06-23 | |
| DON'T BUY | 52.940 | Norman Levine | A great company. This is more resource oriented then Canadian National (CNR-T). If commodity stocks are weakening, that makes this company more vulnerable. | 2006-06-13 | |
| BUY | 54.860 | Bruce Campbell | Canadian National (CNR-T) and Canadian Pacific (CP-T) are both good places to get cyclical exposure without large multiples. Of the two, he prefers CP. | 2006-06-08 | |
| DON'T BUY | 54.860 | David Cockfield | Would avoid railroads right now. Has been selling recently as he sees the bulk carriers not doing as well in the upcoming economic cycle. | 2006-06-08 | |
| BUY | 55.000 | Gordon Higgins, CA, MBA, CFA | Yield of about 1.3%. Trading between 12/14 X earnings. Had great growth in earnings over the last few years based on the commodity boom. Cutting costs and becoming more efficient. They will have over $200 million of free cash flow this year. Will be volatile. | 2006-06-07 | |
| BUY | 59.070 | David Cockfield | Prefers over CNR (CNR-T). Pretty positive on commodities in Canada. Potash looks pretty good. Looks like a good grain year. | 2006-05-15 | |
| BUY | 59.070 | Peter Brieger | Likes this because of its higher commodity exposure. | 2006-05-15 | |
| BUY | 57.390 | Paul Gardner, CFA | A great company. Not as affected by oil/gas prices as trucking. As a little more leverage to Asia than CNR as well as leverage for cutting operating costs. | 2006-05-08 | |
Experts that have talked about Canadian Pacific Rail
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