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Fly News Breaks for October 29, 2019
UNP
Oct 29, 2019 | 07:01 EDT
Wells Fargo analyst Allison Poliniak-Cusic initiated coverage of Union Pacific with a Market Perform rating and $162 price target. In a research note to investors, the analyst says railroad shares have fared well despite a challenging economic backdrop, with the shares on average performing in line with the S&P 500. Valuations are currently reflecting the near-term optimism on the efficiency gains that railroads have made and, as a result, she looks to be more selective in this environment. She says execution remains "solid" and would expect for most rails that improvement could be more moderate at current levels. Looking beyond that, Poliniak-Cusic expects that traffic trends will continue to be challenged, further putting pressure on earnings and results.
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