Norfolk Southern Analysts Cut Their Forecasts After Earnings Miss

Norfolk Southern Corp NSC reported downbeat earnings for the third quarter.

Norfolk Southern reported a third-quarter FY23 railway operating revenue decline of 11% year-over-year to $2.97 billion, beating the consensus of $2.95 billion. Adjusted EPS was $2.65 (-35% Y/Y), below the consensus of $2.69.

Norfolk Southern shares rose 0.1% to trade at $186.05 on Thursday.

These analysts made changes to their price targets on Norfolk Southern following earnings announcement.

• Barclays cut the price target on Norfolk Southern from $215 to $205. Barclays analyst Brandon Oglenski maintained an Equal-Weight rating.
• Morgan Stanley slashed the price target on Norfolk Southern from $174 to $170. Morgan Stanley analyst Ravi Shanker maintained an Equal-Weight rating on the stock.
• Wells Fargo lowered the price target on Norfolk Southern from $245 to $220. Wells Fargo analyst Allison Poliniak maintained an Overweight rating.
• Citigroup cut the price target on Norfolk Southern from $235 to $225. Citigroup analyst Christian Wetherbee maintained a Buy rating.
• BMO Capital lowered the price target on Norfolk Southern from $255 to $230. BMO Capital analyst Fadi Chamoun maintained a Market Perform rating.
• RBC Capital cut the price target on Norfolk Southern from $223 to $201. RBC Capital analyst Walter Spracklin maintained a Sector Perform rating.

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