JPMorgan Upgrades Union Pacific, Raises PT By 5%

JPMorgan analyst Brian Ossenbeck upgraded Union Pacific Corp UNP to Overweight from Neutral and raised the price target to $247 (implying an upside of 15%) from $234. Ossenbeck cites valuation for the upgrade following the stock's recent weakness.
He mentions that expectations have fallen enough that cutting the 2021 volume guidance with its Q3 earnings "won't come as a surprise."
He adds that while West Coast ports remain congested, he has seen rail dwell time in Los Angeles "materially improve over the last month."
Recently, Wells Fargo raised the price target to $246 (implying an upside of 14.4%) from $240 and maintained an Equal-Weight on the shares.
Citigroup lowered the price target to $245 (implying an upside of 14%) from $255 and maintained a Buy rating on the shares.
Price Action: UNP shares are trading higher by 1.67% at $215.42 on the last check Friday.

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