Susquehanna expects Union Pacific (UNP) to trade down modestly on Tuesday after the Surface Transportation Board rejected the company’s Norfolk Southern (NSC) merger application. The rejection is “without prejudice” and the STB invites the companies to re-submit the application in whole to address the deficiencies, the analyst tells investors in a research note. Susquehanna continues to believe the transaction will ultimately be approved. It keeps a Buy rating on Union Pacific.
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