UPDATE: Baird Downgrades Norfolk Southern (NSC) to Neutral

October 7, 2022 5:38 AM EDT
Get Alerts NSC Hot Sheet
Price: $254.07 -0.89%

Rating Summary:
    13 Buy, 24 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 2 | Down: 23 | New: 24
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(Updated - October 7, 2022 6:22 AM EDT)

Baird analyst Garrett Holland downgraded Norfolk Southern (NYSE: NSC) from Outperform to Neutral with a price target of $240.00 (from $280.00).

The analyst commented, "Given continued deterioration in the macro outlook, we outline earnings power for our coverage in bear and severe bear macro scenarios and estimate ~10%-20% EPS downside in these environments, respectively. Rail and LTL names screen as having most downside and trade with larger valuation premiums on pro forma earnings. Consistent with conclusions from this analysis, we are downgrading NSC to Neutral. Truckload names offer the best risk/reward, in our view, and already appear to discount a severe recession."

For an analyst ratings summary and ratings history on Norfolk Southern click here. For more ratings news on Norfolk Southern click here.

Shares of Norfolk Southern closed at $218.93 yesterday.

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