UPDATE: Jefferies Raises PT on Norfolk Southern Corp. on Positive Signs
In a report published Wednesday, Jefferies analyst Peter Nesvold reiterated a Buy rating on Norfolk Southern Corp. (NYSE: NSC), and raised the price target from $86.00 to $90.00.
In the report, Nesvold noted, “Transports rallied from 800 basis points of underperformance in 2012 to 670 basis points of outperformance in 1Q:13 into early signs of inventory restocking. While most indicators moderated in March, our unique diesel tracker reaccelerated late in the month. We await confirmation in other data in coming weeks, but for now we are inclined to stay the course: 2013 is still poised to be ‘The Year of Transports'!"
Norfolk Southern Corp. closed on Tuesday at $74.38.
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