BofA lowered the firm’s price target on Norfolk Southern (NSC) to $281 from $305 and keeps a Buy rating on the shares. Norfolk Southern’s Q4-to-date volumes are trending up 1.9%, below the firm’s prior 2.8% forecast, notes the analyst, who forecasts a Q4 operating ratio of 66.2% with reduced volumes and lowered the firm’s Q4 EPS estimate 7% to $2.85. The firm also lowered its 2024, 2025, and 2026 EPS estimates 2%, 4%, and 3%, respectively.
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