Wolfe Research analyst Scott Group raised the price target on Union Pacific (NYSE: UNP) to $309.00 (from $291.00) while maintaining a Outperform rating.

The analyst comments "Reiterate Outperform. While we're still waiting out the UNP-NSC merger approval process, rail fundamentals are finally improving, and we're raising our standalone EPS estimates today. We're raising our C26-27 EPS estimates by 1%-2%, and we're now 2% and 4% above Consensus the next 2 years. We continue to see pro forma C29 EPS of ~$18, implying a solid double-digit EPS CAGR. We reiterate our Outperform rating."