RBC Capital analyst Walter Spracklin lowered the firm’s price target on Norfolk Southern to $210 from $221 and keeps a Sector Perform rating on the shares. The company produced a "low quality" Q1 earnings beat and pulled its FY23 guidance, the analyst tells investors in a research note. RBC adds that it is now assuming a worse-than-feared freight recession while making material reductions to earnings estimates, cutting its FY23 EPS view to $13.47 from $14.00 and FY24 view to $14.47 from $15.26.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on NSC:
- Norfolk Southern price target raised to $230 from $220 at Susquehanna
- Norfolk Southern price target lowered to $240 from $250 at BMO Capital
- Norfolk Southern price target lowered to $226 from $239 at Bernstein
- Norfolk Southern price target lowered to $235 from $250 at Barclays
- Norfolk Southern: Q1 results include $387M charge associated with Eastern Ohio