Union Pacific price target raised to $300 from $275 at Benchmark

Benchmark raised the firm’s price target on Union Pacific (UNP) to $300 from $275 and keeps a Buy rating on the shares. Q1 EPS beat expectations despite a small top-line miss that was more than offset by lower than modeled expenses as productivity and efficiency gains have allowed the network to run fluidly despite a smaller workforce and fewer locomotives, the analyst tells investors. Independent of the merger, the firm continues to believe business development wins, productivity gains, and operating leverage put Union Pacific in “a favorable position to take advantage of an eventual improvement” in the macro environment, the analyst added.