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Deutsche Bank has a Buy rating and a $88 price target on shares of Norfolk Southern Corp
NSC.
In a note to clients, Deutsche Bank writes, "NSC reported adjusted Q2 EPS of $1.38, above our estimate of $1.23 and
Consensus of $1.29 on export coal volume strength and core pricing improvement. Q2 results exclude $63 million ($0.18/share) of non-recurring favorable income tax benefits. Incremental margins expanded to 33% in Q2 (from
27% in Q1) as NSC leveraged strong export coal volumes (up 24% y/y), longer-haul utility coal business to the Southeast, intermodal carload growth (up 9% y/y), and solid above rail-inflation pricing. Reiterate Buy with new PT of $88."
Shares of NSC lost 81 cents on Friday to close at $75.70.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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