Barclays lowered the firm’s price target on Norfolk Southern to $275 from $305 and keeps an Overweight rating on the shares. While the activist investor Ancora only won three seats and the current CEO Alan Shaw survived the proxy outcome last week, Barclays still sees greater accountability for Norfolk management to achieve profit improvement targets, making the shares “appear relatively inexpensive,” the analyst tells investors in a research note.
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Read More on NSC:
- Norfolk Southern announces shareholders have elected 10 of 13 director nominees
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- Ancora expected to win some board seats at Norfolk Southern, Reuters reports
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- Norfolk Southern shareholder Ancora issues letter to Board