UBS lowered the firm’s price target on Union Pacific to $275 from $283 and keeps a Neutral rating on the shares. Union Pacific reported upside Q1 EPS and 140 basis points of year over year margin improvement despite a steep decline in coal volumes, the analyst tells investors in a research note. Union Pacific indicated they expect the favorable mix tailwind to continue and they remain focused on raising rates, the firm notes. UBS expects weak coal volumes to remain a headwind in Q2 and likely 2H24 and also anticipates continuing muted intermodal volumes.
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