UPDATE: J.P. Morgan Raises PT on Norfolk Southern to $86

J.P. Morgan is out with its report today on Norfolk Southern (NYSE: NSC), raising its PT from $84 to $86.

In its report, J.P. Morgan writes, "We are tweaking up our yield growth assumptions and our 2012 EPS estimate rises from $5.50 to $5.70. Our December 2012 price target rises from $84 to $86. We believe that upside potential remains for NSC."

J.P. Morgan maintains Overweight on NSC.

At the time of posting, shares of NSC were trading pre-market at $73.50, up 5.35% from Wednesday's close.