Norfolk Southern price target raised to $286 from $253 at Citi

Citi raised the firm’s price target on Norfolk Southern to $286 from $253 and keeps a Buy rating on the shares. The analyst believes Ancora and the Norfolk board are currently engaged in negotiations related to at least a sizeable minority board position. Citi expects a management change to be part of the negotiations as well, saying it is likely to include former CSX EVP Operations, Jamie Boychuk, as an addition to the team. This will will be positive for Norfolk shares as the process builds pressure for accelerated improvement and comes against favorable volume backdrop, the analyst tells investors in a research note.