Goldman Sachs Resumes Union Pacific (UNP) at Neutral

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Goldman Sachs resumes coverage on Union Pacific (NYSE: UNP) with a Neutral and $124 price target although they have a positive bias given the earnings momentum and high exposure to North American shale activity.

The firm comments, "The consensus favorite among rail stocks, we think it is one of lowest risk names in the space with no exposure to Appalachian coal and a 5% legacy book remaining that will provide an annual lift to pricing growth of 50bps 100bps. Valuation, however, keeps us from recommending the shares at current levels."

For an analyst ratings summary and ratings history on Union Pacific click here. For more ratings news on Union Pacific click here.

Shares of Union Pacific closed at $116.52 yesterday, with a 52 week range of $77.73-$119.94.

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