BofA raised the firm’s price target on Union Pacific (UNP) to $266 from $260 and keeps a Buy rating on the shares. The firm lowered its Q4 EPS estimate 2% to $2.80, which is below the Street’s $2.93 view, and holds its 2026 EPS estimate at $12.65 given sustained “solid” volumes, but says “none of this will matter by report date” with all eyes on Friday, when Union Pacific is set to release its 4,000+ page Merger Application with the Surface Transportation Board. The firm has increased its target multiple half a turn given potential for accelerating operating leverage and an upper single digit three-year EPS CAGR target, the analyst noted.
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