Norfolk Southern upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Scott Group upgraded Norfolk Southern to Outperform from Peer Perform with a $255 price target. The shares have underperformed since the Ohio derailment about two weeks ago, but the company’s near-term trends look more favorable with volumes up 3% quarter-to-date, above expectations and best among the U.S. rails, the analyst tells investors in a research note. As such, the share selloff seems overdone, contends Wolfe.