31 October 2017
Railroads
Canadian Rails
'Historical recommendations and target price. Canadian Pacific (CP.N:
(as et 10602017)
200.00 Current Recommendations
Buy
Hold
Sell
150.00 Not Rated
Suspended Rating
8
a. •• Anatyst is no longer at
Deutsche Bank
Z. 10000
50.00
0.00
Jan '16 May '16 Sep '16 Jan '17 Sep '17
Date
'Equity Rating Key Equity rating dispersion and banking relationships
Buy: Based on a current 12- month view of total share-holder
return (TSR = percentage change in share price from current
price to projected target price plus pro-jected dividend yield ) ,
we recommend that investors buy the stock.
Sell: Based on a current 12-month view of total share-holder
return, we recommend that investors sell the stock.
Hold: We take a neutral view on the stock 12-months out and,
based on this time horizon, do not recommend either a Buy
or Sell.
Newly issued research recommendations and target prices
supersede previously published research.
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AnKsi• -nun,
Deutsche Bank Securities Inc Page 73
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