Susquehanna analyst Bascome Majors lowered the firm’s price target on Union Pacific to $220 from $240 and keeps a Neutral rating on the shares. The firm said they expect a challenging 3Q for most rails and model below quarterly consensus EPS for every Class I. Susquehanna sees an average downside risk to 2024 EPS of mid-single digits for the group and they believe rail management teams are setting low expectations into this earnings season, for what could finally approach capitulating estimate cuts into November and early 2024.
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Read More on UNP:
- North American rail traffic up 1.7% for the week ending September 23
- Union Pacific price target lowered to $257 from $265 at BofA
- North American rail traffic down 0.8% for the week ending September16
- North American rail traffic down 3% for the week ending September 9
- North American rail traffic down 6.2% for the week ending August 26
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