Norfolk Southern price target lowered to $226 from $273 at Citi

Citi analyst Christian Wetherbee lowered the firm’s price target on Norfolk Southern to $226 from $273 and keeps a Neutral rating on the shares. The analyst this morning also opened a "positive catalyst watch" on the shares. Heading into Q1 earnings season the outlook on rails "remains muted," the analyst tells investors in a research note. The firm thinks the next move may be to get more constructive on U.S. rails, as volume performance between U.S. and Canada normalizes in Q2 through Q4, and it is "looking for a reason to get positive." However, with volume decelerating in March and pointing to a challenging Q2, "we don’t think it’s time to step in yet," writes Citi.