Bernstein upgraded Union Pacific to Outperform from Market Perform with a $280 price target. The analyst thinks high quality, low volume North American transportation dividend paying stocks “will get a look as the interest rate regime turns, and railroads fit that bill.” The firm upgrades Union Pacific as “the top quality franchise in the US.” Bernstein expects the freight market to turn within the next 12 months and sees it unlikely that it’ll get much worse in end market demand. It favors Union Pacific (UNP) and Norfolk Southern (NSC) in the U.S.
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