Evercore ISI Hikes Union Pacific (UNP) Price Target as Rail Volumes Accelerate

Union Pacific Corporation (NYSE:UNP) is included among Billionaire Steven Cohen’s Top 11 Dividend Stock Picks.

Evercore ISI Hikes Union Pacific (UNP) Price Target as Rail Volumes Accelerate

On June 25, Evercore ISI raised its price recommendation on Union Pacific Corporation to $294 from $277. It reiterated an Outperform rating on the stock. In a preview of the rail sector, analyst Jonathan Chappell said Class I railroads are heading into the second-quarter earnings season with momentum, describing it as one that could be “filled with beats and raises” as shipping volumes picked up through most of the quarter.

Earlier in the month, on June 5, Susquehanna increased its price goal on UNP to $305 from $290. It kept a Positive rating on the shares. The firm said rail volumes appear to be running ahead of expectations. Analyst Harrison Bauer noted that ISM readings are “encouraging,” with expansion continuing for five straight months. He also said there is no indication that higher fuel prices are hurting industrial demand. Susquehanna also raised price targets across the rail sector that day.

Union Pacific Corporation operates through its main subsidiary, Union Pacific Railroad Company. The railroad connects more than 23 states across the western two-thirds of the United States, serving as a key link in the global supply chain.

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