Bernstein lowered the firm’s price target on Norfolk Southern (NSC) to $313 from $322 and keeps an Outperform rating on the shares. The firm is updating its rail sector thesis as modal competition and commodity tailwinds continue to improve for the sector. The railroads are in no way immune to macro risk that could flow from the Iran conflict, but in a world where a severe recession remains a tail risk there is a case that can be made for increasing rail exposure, Bernstein argues.
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Read More on NSC:
- Norfolk Southern price target lowered to $310 from $320 at RBC Capital
- Norfolk Southern price target raised to $295 from $292 at Evercore ISI
- Norfolk Southern price target raised to $315 from $288 at Baird
- Union Pacific upgraded to Outperform from Neutral at Baird
- Norfolk Southern price target raised to $350 from $300 at Jefferies