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Following earnings that missed expectations on Tuesday, Bank of America analyst Ken Hoexter downgraded Union Pacific Corporation (NYSE:UNP) from Buy to Neutral.
He cited “sustained pressure on costs, negative mix pressures, inflation impacts, and lower fuel/accessorial gains” among key factors adversely impacting earnings. As many of these impacts are expected to persist, Hoexter lowered both 2023 and 2024 EPS forecasts and raised his operating ratio expectations.
He reduced his price target to $218 from $238 alongside the step to the sideline. Shares of the railroad operator slipped 1.37% shortly after the market open on Wednesday.
Read more on the earnings results posted on Tuesday.
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