Evercore ISI analyst Jonathan Chappell upgraded Union Pacific to Outperform from In Line with a price target of $232, up from $204. The material relative underperformance in shares of late "appropriately captures" Q4 risk, Chappell tells investors. As he shifts focus to 2023, introduces estimates for 2024 and bases his price targets off that year, Chappell said he sees "plenty of risk (and reward)" as it relates to the macro backdrop and how nimble rails can be in a weaker-than-expected volume environment.
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Published first on TheFly
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