BMO Capital analyst Fadi Chamoun raised his price target on Union Pacific to $200 and kept his Outperform rating, saying the company's Q4 results underscores its operating improvement. The analyst points to the operating ratio decline of 190bps in spite of the 14% revenue-ton-mile decline in the quarter and anticipates a boost in its free cash flows as revenues stabilize and costs are reduced further in 2020.

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.