Citi ups Union Pacific target, adds to Focus List and ‘catalyst watch’

Citi analyst Ariel Rosa raised the firm’s price target on Union Pacific (UNP) to $265 from $263 and keeps a Buy rating on the shares. Citi also placed the shares on its Focus List and added an “upside 90-day catalyst watch.” The firm sees the stock moving higher ahead of the shareholder vote on the merger proposal with Norfolk Southern (NSC). The recent selloff in Union Pacific shares is an overaction to short-term macro pressure, the analyst tells investors in a research note.