CANADIAN PACIFIC KANSAS CITY LTD., $96.50, Toronto symbol CP, is your #1 Conservative Buy for 2023. The company took its current form on April 14, 2023, when Canadian Pacific Railway Ltd. completed the acquisition of U.S.-based railway Kansas City Southern. CP paid $31 billion U.S. in cash and shares for KCS. At that time, CP investors owned 72% of the merged company, with KCS shareholders holding the remaining 28%. The new CPKC ships freight over a 32,190-kilometre rail network. That line runs mainly between Montreal and Vancouver, with links to hubs in the U.S. Midwest and Northeast. With the addition of KCS, the new company also connects with important hubs and ports on the U.S. Gulf Coast and in Mexico. As a result of the merger, the new company’s revenue in the three months ended September 30, 2023, rose 44.4%, to $3.34 billion from $2.31 billion a year earlier. That missed the $3.37 billion consensus forecast. On a comparable basis, revenue in the quarter declined 3.7%….