Canadian Pacific provides labor bargaining updates Canadian Pacific said it is "pleased the collective bargaining process with the Teamsters Canada Rail Conference, on behalf of Running Trade Employees, and Rail Traffic Controllers has finally concluded and an agreement is now in place." The award contains, among other changes a cap on pension growth and a new pension accrual rate for future hires. The deal is three years in length and is retroactive to January 2012. CP also announced the five-year agreement reached with the International Brotherhood of Electrical Workers on November 15 has been ratified with 94% acceptance. This contract begins January 1, 2013.
Canadian Pacific upgraded to Buy from Neutral at Buckingham Buckingham upgraded Canadian Pacific to Buy based on continued visibility for near-term crude growth and the positive impact from a lower Canadian dollar that will offset weaker long-term crude by rail growth. Price target is $209.
Canadian Pacific downgraded to Neutral from Buy at Goldman Goldman Sachs downgraded Canadian Pacific Railway to Neutral saying uncertainty around lower oil prices should drive a reduced multiple for shares. Goldman cut its price target for the rail operator to $202 from $223, but points out the company's crude business has yet to be impacted from lower oil prices. CP shares closed Friday down $2.57 to $191.58.