Wells Fargo Reiterates an 'Outperform' on Union Pacific (UNP); Renewed Confidence After Meeting W/Mgmt

Wells Fargo reiterates an 'Outperform' on Union Pacific (NYSE: UNP) price target range of $134-$138.

Analyst, Anthony P. Gallo, made comments after meeting with UNP's senior management at their headquarters.

Gallo, said, "Our visit with senior management give us renewed confidence that UNP is poised for attractive earnings growth through the intermediate term, and we reiterate our rating. We see UNP's unique geographic footprint providing exposure to diverse markets that are cushioning cyclical weakness. Further, the geographic footprint is aligned nicely with areas of secular growth, including domestic and cross-border intermodal, unconventional energy markets, and near-sourcing trends (autos, chemicals, industrial) among others."

Gallo noted that slow carload growth appears likely in the near-term as coal rebounds off the bottom. Pricing may continue to outpace expense, but the company's financial position should allow it to continue will stock repurchases and dividend growth.

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 $121.44 yesterday.

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