Wells Fargo analyst Christian Wetherbee lowered the firm’s price target on Union Pacific (UNP) to $265 from $267 and keeps an Overweight rating on the shares. Wells says that into Q4 results/2025 outlooks, its call remains the same: lean into early cycle. The firm sees signs volume may broaden out to include better industrial freight. Near-term expectations continue to reset, but the direction of fundamentals is positive, Wells adds.
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