UPDATE: Sterne Agee Lowers PT to $81 on Norfolk Southern on Coal Fundamentals
Sterne Agee reiterated its Buy rating on Norfolk Southern (NYSE: NSC) but reduced its price target from $84 to $81.
Sterne Agee commented, "NSC's take is that coal will not recover in the near-term, and this railroad is largely levered to domestic steam and export met coals. Coal trends worsened in September - particularly in export markets. Potential good news is recent signs that international met coal demand could be reviving - however, we are taking a 'show me' attitude with our EPS view. Intermodal and Auto strength will drive modest EPS improvement until then."
Norfolk Southern closed at $66.01 on Tuesday.
Latest Ratings for NSC
|Oct 2016||Avondale Partners||Downgrades||Market Outperform||Underperform|
|Oct 2016||Bank of America||Upgrades||Neutral||Buy|
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