Union Pacific price target lowered to $270 from $273 at BofA

BofA lowered the firm’s price target on Union Pacific to $270 from $273 and keeps a Buy rating on the shares. Union Pacific’s Q3-to-date carload growth is up 5.1%, just ahead of the firm’s recently revised 4.7% forecast, but International Intermodal volumes are leading the upside and CFO Jen Hamann recently noted that International Intermodal yields were about 30%-40% lower than average yields, notes the analyst. With a lower margin contribution, the firm lowers its Q3, 2024, and 2025 EPS estimates 2%, 1%, and 1%, to $2.75, $11.05, and $12.25, respectively.