Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. ViacomCBS (VIAC) initiated with a Neutral at Rosenblatt. 2. Norfolk Southern (NSC) initiated with a Hold at Benchmark. 3. Ceridian (CDAY) initiated with an Outperform at Cowen. 4. Madrigal Pharmaceuticals (MDGL) initiated with a Buy at Canaccord. 5. One Gas (OGS) reinstated with an Underperform at BofA. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

As previously reported, BofA analyst Alexandria Hammond initiated coverage of Madrigal Pharmaceuticals with an Underperform rating and $150 price target. The commercial stage company has received the first FDA approval for fatty liver disease, also known as MASH, though investors have "largely moved past Rezdiffra's best-case scenario FDA approval" and payer pushback given Rezdiffra's $47,000 annual price tag could prompt a slow launch, perpetuating a "short the launch thesis" and providing further downside potential for shares, the analyst argues.

Ohio-based Ancora Holdings Group , which owns a large equity stake in Norfolk Southern Corporation updated shareholders on its campaign to elect seven unaffiliated and qualified candidates o the Company's 13-member Board of Directors at the Annual Meeting of Shareholders on May 9 Vote on the BLUE Proxy Card to elect the entire Shareholder Slate at the Annual Meeting. "Fellow Shareholder, Ancora is a meaningful investor in Norfolk Southern. We're asking you to elect seven new members to Norfolk Southern's 13-person Board at the May 9th Annual Meeting. Given the scope of this ask, we committed at the outset of our campaign to provide you with the respect and transparency an owner deserves when considering a change to a majority of a board of directors. As our campaign enters its final weeks, we will fulfill this commitment by asking you to focus on substantive matters and ignore the fearmongering, spamming and eleventh-hour stunts that often seep into the last days of contested elections. Rather than inundate you, we will continue to ask that you focus on one defining question when making your ultimate voting decision: Do you want Norfolk Southern to have leadership with the experience and judgment to properly implement Precision Scheduled Railroading so the Company can finally achieve the service, safety and long-term value realized by every other publicly traded Class I rail? If the answer is "yes," this Annual Meeting represents your best opportunity to usher in the type of change that drove lasting turnarounds at rails such as Canadian Pacific and CSX. Our position is supported by three point..."

Deutsche Bank placed a "Catalyst Call: Buy" on shares of Union Pacific (UNP) as a short-term investment idea. With all the attention Norfolk Southern (NSC) is getting in recent months, it is easy to overlook developments at other railroads, the analyst tells investors in a research note. The firm says Union Pacific is now the worst performing pail stock year-to-date. However, operating metrics "clearly show that UNP's renewed efforts on operations are gaining traction," contends Deutsche Bank. It keeps a Buy rating on the shares with a $266 price target.