- Susquehanna analyst Bascome Majors downgraded Union Pacific Corp UNP to Neutral from Positive and lowered the price target to $235 (an upside of 13%) from $310.
- The analyst also lowered the price target for CSX Corp CSX to $36 (an upside of 25%) from $45 while maintaining the Positive rating for the shares.
- Majors stated that the target change is part of a broader note, re-valuing rails lower because volume recovery is at risk from macro downside or capacity constraints.
- Furthermore, the analyst noted the cost of restoring service might surprise to the upside. Majors also lowered his U.S. and Canadian rail target multiples.
- Price Action: UNP shares are trading lower by 0.98% at $208.12 and CSX higher by 0.61% at $28.68 on the last check Wednesday.
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