JPMorgan Upgrades Union Pacific, Raises PT By 5%

  • JPMorgan analyst Brian Ossenbeck upgraded Union Pacific Corp UNP to Overweight from Neutral and raised the price target to $247 (implying an upside of 15%) from $234. Ossenbeck cites valuation for the upgrade following the stock's recent weakness.
  • He mentions that expectations have fallen enough that cutting the 2021 volume guidance with its Q3 earnings "won't come as a surprise."
  • He adds that while West Coast ports remain congested, he has seen rail dwell time in Los Angeles "materially improve over the last month."
  • Recently, Wells Fargo raised the price target to $246 (implying an upside of 14.4%) from $240 and maintained an Equal-Weight on the shares.
  • Citigroup lowered the price target to $245 (implying an upside of 14%) from $255 and maintained a Buy rating on the shares.
  • Price Action: UNP shares are trading higher by 1.67% at $215.42 on the last check Friday.
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