Morgan Stanley analyst Ravi Shanker lowered the firm’s price target on Union Pacific to $176 from $179 and keeps an Equal Weight rating on the shares. The firm says it expects "another quarter of tough results" across the North American freight transportation group after a "promising start to 2023 faded toward the end" of Q1. How much of the March softness is due to catch up from weather disruptions and shippers holding off on restocking decisions "remains to be seen," the firm added.
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