RBC Capital downgraded Norfolk Southern (NSC) to Sector Perform from Outperform with a price target of $300, up from $270, after the company agreed to be acquired by Union Pacific (UNP). Norfolk shareholders will receive 1.0 Union Pacific common share and $88.82 in cash for each share of Norfolk common stock, with an implied value of $320 per share, the analyst tells investors in a research note. RBC cites the takeover deal for the downgrade of Norfolk.
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