UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Norfolk Southern Corp.
In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Norfolk Southern Corp. (NYSE: NSC), and raised its price target from $70.00 to $74.00.
Jefferies noted, “NSC's 4Q beat consensus by 9%, albeit largely on tax rate. We think investors were expecting more going into the print as recently improved coal volumes and network performance stats suggested modestly more upside. With coal clouding all near-term visibility, we reiterate Hold.”
Norfolk Southern Corp. closed on Tuesday at $66.94.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.