UBS analyst Thomas Wadewitz downgraded Union Pacific to Neutral from Buy but raised his price target to $201, up from $184. The analyst notes that the company has realized "impressive" cost savings in 2019 but believes that that further cost gains are already reflected in his earnings projections. Wadewitz further warns that generating large volume growth will be "difficult" this year because of the headwinds in coal and frac sand. The analyst contends that the upside of the new price target is not sufficient to warrant a Buy rating.

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.