Bernstein raises PT for U.S. rail road companies on improving volume

Cleanspace Holdings

15/04/2024 14:39

** Bernstein raises PT for U.S. railroad companies Union
Pacific Corp  UNP.N , CSX Corp  CSX.O , Norfolk Southern  NSC.N 
    ** Encouraged by recent trends, and last quarter's volumes
are likely to be as bad as it gets in the year, Bernstein says
    ** Overall, expectations remain slightly high for 2Q as the
recovery from 1Q seems to embed optimism on incremental margins
    ** Says it sees a turn in truck rates later in 2024
    ** Up to Friday's close, CSX and NSC shares had risen ~2%
and ~5%, YTD respectively, UNP shares had fallen ~5% YTD
    
                            New PT      Old PT      Rating
 Union Pacific Corp         $284        $280        Outperform
  UNP.N                                             
 CSX Corp  CSX.O            $36         $35         Market
                                                    perform
 Norfolk Southern  NSC.N    $288        $281        Outperform
 
    

 (Reporting by Kannaki Deka)
 ((Kannaki.Deka@thomsonreuters.com))