Norfolk Southern stock rises after BofA upgrades railroad to buy

Norfolk Southern Corp.’s stock
was up by 2.2% in premarket trading on Friday after BofA analyst Ken Hoexter upgraded the rail transport company to buy from neutral and raised the firm’s price target to $248 a share from $204 a share. “NS has demonstrated faster service gains than we expected, following two network outages in 2H (Aug 28 IT infrastructure failure and Sept. 29 data center outage), which themselves followed Feb’s derailment in East Palestine,” Hoexter said. “The frequency of incidents had caused us increasing concern, yet the speed of improvement suggests improved resiliency.”

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