UPDATE: BMO Capital Markets Reiterates Outperform Rating on Norfolk Southern Corp., Lowers PT

In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Norfolk Southern Corp.

, but lowered its price target from $80.00 to $77.00. BMO Capital Markets noted, “We suspect that the stock could come under pressure given 6% lowered F2013 estimates. We note, however, that valuation is low, earnings estimates appear to be now reflecting a fairly bear case scenario for coal, the stock's dividend yield is in excess of 3%, and the company's fundamentals over the medium-to-long term are very strong. We rate NSC Outperform.” Norfolk Southern Corp. closed on Tuesday at $66.01.