UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Norfolk Southern Corp. as Meetings Highlight Shifting Focus

In a report published Monday, Bank of America analyst Ken Hoexter reiterated a Buy rating on Norfolk Southern Corp. NSC, and raised the price target from $103.00 to $113.00. In the report, Bank of America noted, “NS has significant pent up volume demand, particularly in Intermodal, where it has launched new terminals in 2013, and in utility coal, given the weather impact on inventory levels. It remains focused on $100mn+ in annual productivity improvements and moving its operating ratio sub-70% (it posted 69.4% in 4Q13). While the rails and NS have historically traded between 12x-16x, we expect NS' shares to move to the top end of its range given the depressed 1Q results and an improving outlook.” Norfolk Southern Corp. closed on Friday at $100.75.