Norfolk Southern price target raised to $276 from $265 at Evercore ISI

Evercore ISI analyst Jonathan Chappell raised the firm’s price target on Norfolk Southern to $276 from $265 and keeps an Outperform rating on the shares. For the rails, the firm is lowering Q3 EPS estimates “across the board, by varying magnitudes,” with the carry forward from softer yields and a more muted macro backdrop, at least as it relates to the trucking and broader transportation market, resulting in reductions to its 2025 EPS forecasts as well. The firm is also adjusting price targets for new 2025 estimates and modest tweaks to relative target multiples, the analyst tells investors in a sector note.