UPDATE: JP Morgan Raises PT on Union Pacific to $130

JP Morgan has raised the price target on Union Pacific (NYSE: UNP) from $119 to $130 and maintains its Overweight rating in a research report out today.

In the report, JP Morgan writes, "We are raising our 2012 and 2013 EPS forecasts for UNP to reflect solid volume growth opportunities, particularly related to the shale/fracking driven volumes (frac sand and crude oil). We expect volume growth, operating leverage, and repricing of legacy contracts to support strong EPS growth in 2012 and we believe upside potential for UNP is compelling."

Shares of Union Pacific are trading at $108.78, up 0.72% from yesterday's close.