BofA analyst Ken Hoexter raised the firm’s price target on Norfolk Southern (NSC) to $305 from $290 and keeps a Buy rating on the shares after digital news platform Semafor reported that Union Pacific (UNP) has hired an investment bank to explore an acquisition of an Eastern railroad. The firm, which notes that there are two public Class I rails – CSX Corp (CSX) and Norfolk Southern – also rolled forward its target multiple as mid-year passes and notes increased target multiples for the rail group.
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