Bernstein raised the firm’s price target on Union Pacific (UNP) to $293 from $289 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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