BMO Capital Markets Raises Union Pacific PT, Maintains Market Perform

BMO Capital Markets raised its Union Pacific UNP price target from $108 to $112 and maintained its Union Pacific Market Perform rating in a research report published today. In the report, BMO Capital Markets states, "UNP's EPS growth is expected to accelerate heading into H2/11 and 2012. With resources (equipment and labour) having caught up with demand trends (even somewhat slightly over resourced), we expect productivity improvement to accelerate while at the same time pricing growth should pick up as a result of $1 billion of legacy contract renewal ($750 million in Q4/11 and another $300 million in 2012)." Shares of Union Pacific closed today at $104.40, up 4.58% from Wednesday's market close.