UPDATE: BofA Securities Upgrades Norfolk Southern (NSC) to Buy
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BofA Securities analyst Ken Hoexter upgraded Norfolk Southern (NYSE: NSC) from Neutral to Buy with a price target of $325.00 (from $263.00).
The analyst comments "We raise our rating on NSC shares to Buy from Neutral. Norfolk Southern continues its strategic overhaul, launched in 2018 by CEO Jim Squires (initially, seemingly in response to a bid a few years prior by Canadian Pacific’s Hunter Harrison, which wrongly made us resistant to the depth of the overhaul commitment). The improvement is now palpable and is accelerating, aided by the 2019 addition of former Canadian National CEO, and precision scheduled rail expert (PSR) Claude Mongeau to NS’ board, and Cindy Sanborn in 2020, a lifelong rail operator and former COO of CSX and Regional VP of Transportation at Union Pacific, who learned PSR with CSX CEO Hunter Harrison and former Canadian National COO Jim Vena (who at the time was COO of Union Pacific). Chief Marketing Officer Alan Shaw has driven the Yield Up strategy mantra into sustained market-based pricing, while operating efficiency continues to improve rail performance. After being Neutral for 2 years, we return to focus on one of the best rail networks, a premier Intermodal franchise, which should allow it to take share in this tight truck market."
Shares of Norfolk Southern closed at $287.06 yesterday.
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