Wells Fargo analyst Christian Wetherbee raised the firm’s price target on Norfolk Southern (NSC) to $280 from $270 and keeps an Overweight rating on the shares. Coming off the firm’s callback, Wells sees an energized management team pursuing margin parity with peers. Cost momentum was evident and there appears to be incremental opportunity in labor, fuel and purchase services, the firm says. Wells believes Norfolk Southern is the last true turnaround story.
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