UBS Upgrades Union Pacific (UNP) to Buy; Recession or Not, Here We Come

UBS upgraded Union Pacific (NYSE: UNP) from Neutral to Buy, price target lowered from $113 to $110.

UBS analyst says, "While we see no evidence of a freight recession in volume data yet and do not currently expect one, we have updated our UP estimates to reflect a more modest economic growth outlook. With shares down more than 15% since late July and at 12.1x forward P/E, it appears a much more dismal macro scenario is being discounted. Significantly, the company has some defensive characteristics that make its earnings more resilient to potential cyclical weakness. We detect an opportunity here and upgrade UNP to Buy."

For more ratings news on Union Pacific click here and for the rating history of Union Pacific click here.

Shares of Union Pacific closed at $88.76 yesterday.

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