UPDATE: RBC Capital Markets Downgrades Norfolk Southern on Read-Through From CSX
In a report published Thursday, RBC Capital Markets analyst Walter Spracklin downgraded the rating on Norfolk Southern Corp. (NYSE: NSC) from Outperform to Sector Perform, and lowered the price target from $94.00 to $89.00.
In the report, RBC Capital Markets noted, “We have a favourable longer-term view on NSC on the basis of its highly competitive Intermodal network and attractive valuation. However, near-term freight rate trends and continued coal concerns have prompted us to take a more conservative view on our base assumptions out to 2015. Accordingly, we are reducing our rating to Sector Perform and recommend taking profits off the share price performance year-to-date.”
Norfolk Southern Corp. closed on Wednesday at $79.91.
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