Stifel Nicolaus reiterates its Buy rating on Norfolk Southern NSC and raises its price target to $94, up $6, as the company beats estimates for fourth quarter through strength in volume and pricing.
Stifel Nicolaus says, "4Q11 revenue grew a robust 17%, y/y, to $2.8 billion. Unit volume (carloads and intermodal units) improved 6%, y/y, while revenue yield (i.e., revenue per unit) increased 11%, y/y. While the company does not disclose “core price” or “same-store” price, we estimate that the 11% y/y growth in revenue/unit was a function of core pricing (up 6%), incremental fuel surcharge (up 4%), and mix (we estimate that mix had a positive impact of 100 basis points or so)."
NSC closed at $94 a share on Tuesday.
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