BMO Capital raised the firm’s price target on Norfolk Southern (NSC) to $305 from $285 and keeps a Market Perform rating on the shares. The company’s adjusted results were in line forecasts and slightly below consensus while its earnings are expected to remain pressured in the immediate term in light of a challenged volume outlook, maturing cost reduction opportunities, and emphasis on service/safety, the analyst tells investors in a research note. The stock’s valuation should, however, remain anchored by the proposed bid from Union Pacific (UNP), the firm added.
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