RBC Capital lowered the firm’s price target on Norfolk Southern to $207 from $215 and keeps a Sector Perform rating on the shares. The company’s Q4 results were well below consensus expectations, while its 3% 2024 revenue guide and the 100-150bp 3-year annual margin improvement guide were not well-received, the analyst tells investors in a research note. The management also pointed to a number of cost headwinds and volume challenges early in 2024 that suggest the company is not quite through the worst of the negative sentiment, the firm added.
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