UBS downgraded Norfolk Southern (NSC) to Neutral from Buy with a price target of $342, up from $320. The company’s 4Q and 2026 commentary indicate weaker yields and operating ratio versus UBS’s prior assumptions, the analyst tells investors in a research note. The firm also believes the Surface Transportation Board rejection of the initial Union Pacific (UNP) merger application indicates the deal process could be a greater overhang on Norfolk shares.
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