There is a building bull case for Union Pacific to earn $10 in 2020 earnings per share, which is supported by improving fundamentals, particularly pricing, Citi analyst Christian Wetherbee tells investors in a research note. He believes such a scenario can drive shares to $200. Union Pacific closed yesterday down $2.16 to $142.92. The analyst believes the announcement of a revamped capital structure and updated long-term targets at the company's investor day are well anticipated catalysts, but could still be positive for the shares. He reiterates a Buy rating on Union Pacific.

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.