Jefferies upgraded Union Pacific (UNP) to Buy from Hold with a price target of $285, up from $250, following the announcement that the company is in advanced talks to acquire Norfolk Southern (NSC). Investors should start building a position to “get in on the ground level” on this potential “transformational combination,” the analyst tells investors in a research note. Jefferies says the proposed merger would create the first true coast-to-coast U.S. freight railroad.
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