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In a report published Wednesday, Goldman Sachs Group reiterated its Neutral rating on Union Pacific Corporation
UNP, and raised its price target from $128.00 to $130.00.
Goldman Sachs noted, “Even UNP, after handily topping 2Q12 estimates, does not look immune to weakening traffic trends and rising diesel prices which are up 13% from the summer lows in early July. After reducing our 3Q EPS estimate, we still expect UP to report healthy 13% yoy net income growth driven by the twin tailwinds from legacy re-pricing, which is still lapping easy 2011 comps, and robust shale to rail volumes. The valuation has fallen to the two-year average of 13.1X NTM consensus and does not appear overly demanding. However, we see greater upside potential in Buy-rated CP.TO, CSX, and NSC. Thus, we maintain our Neutral rating on UNP stock.”
Union Pacific Corporation closed on Tuesday at $120.38.
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