Union Pacific price target raised to $280 from $274 at BofA

BofA raised the firm’s price target on Union Pacific to $280 from $274 and keeps a Buy rating on the shares after the company posted Q1 EPS that were up 6% year-year, above BofA and the Street forecast. While normal sequential seasonal performance would suggest a 170 basis point improvement in operating ratio into Q2, the firm targets a 70 point improvement given accelerating coal declines and looks for sustained improvement in the second half, the analyst tells investors.