UPDATE: Cowen Securities Raises PT to $85 on Norfolk Southern on Traffic Results Beat

Cowen Securities maintained Norfolk Southern

with a Buy rating and raised the price target from $82.00 to $85.00. Cowen Securities analyst Jason H. Seidl noted, "We are raising our 1Q13 EPS estimate to $1.23, from $1.17, as the company has thus far outperformed our original full-quarter traffic growth assumptions and growth posted by its Class I counterparts. This leaves our 1Q EPS estimate well above the consensus estimate of $1.14. Our 2013 and 2014 EPS estimates increase to $5.70 and $6.50, from $5.45 and $6.25, respectively. … NSC's outperformance is attributable to strong intermodal and petroleum shipments growth as well as a smaller-than-expected coal decline." Norfolk Southern closed at $75.11 on Monday.