BofA/Merrill downgraded Union Pacific to Neutral and lowered its price target to $87 from $102 on shares. The firm's analyst said volume declines have accelerated and trends will likely continue into early 2016 and recommends avoiding rails with significant coal exposure.

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.