Union Pacific upgraded to Sector Perform at RBC amid activism

RBC Capital analyst Walter Spracklin upgraded Union Pacific to Sector Perform from Underperform with a price target of $210, up from $191, citing recently disclosed investor activism and the possibility this leads to a leadership change. Activist shareholder Soroban Capital is pushing for former COO Jim Vena to assume the CEO role, an appointment of whom the firm "would be highly supportive." After having spoken recently with both Vena and Soroban, RBC was "not surprised by the (pre-market) positive reaction to their position," the analyst tells investors.