Analysts Chime in on Corning, Quest Diagnostics, Canadian Pacific, Norfolk Southern, and More

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Although it’s FOMC day, the markets are rather quiet as all three major index futures are modestly in the red. In this article, we take a look at how analysts have recently weighed in on Corning Incorporated (NYSE:GLW), Quest Diagnostics Inc (NYSE:DGX), Canadian Pacific Railway Limited (USA) (NYSE:CP), CSX Corporation (NASDAQ:CSX), and Norfolk Southern Corp. (NYSE:NSC).

We will also take a look at how elite funds are positioned among the five stocks.

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Corning Incorporated (NYSE:GLW) is 2% in the red after Goldman analyst Doug Clark changed his rating to ‘Neutral’ from ‘Buy’, citing valuation reasons for the downgrade. Corning has rallied around a third since Clark’s original upgrade in April of last year. The investment bank has a $29 price target. Of the 742 elite funds we track, 41 funds owned $614.28 million of Corning Incorporated (NYSE:GLW) and accounted for 2.70% of the float on December 31, versus 36 funds and $662 million respectively on September 30.

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While Goldman might have downgraded Corning, the investment bank upgraded Quest Diagnostics Inc (NYSE:DGX), with analyst Isaac Ro upgrading the stock to ‘Conviction Buy’ from ‘Buy’ and setting a price target of $113 per share. That’s up from the previous $101 per share. Ro believes Quest will be a beneficiary of future changes in the healthcare system as costs move more to the individual from intermediaries. Not surprisingly, Quest Diagnostics Inc (NYSE:DGX) shares are in the green this morning as the market factors in the upgrade. According to our data, 28 top funds had a bullish position in Quest Diagnostics Inc (NYSE:DGX) at the end of December, up 4 funds from the previous quarter. Cliff Asness’ AQR Capital Management owned more than 1.26 million shares at the end of the fourth quarter.

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On the next page, we put the analyst commentary surrounding Canadian Pacific Railway Limited (USA), CSX Corporation, and Norfolk Southern Corp under the microscope.

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