Citi lifts Union Pacific rating to 'buy' on valuation
Citi Research upgrades rating for railroad operator Union Pacific UNP.N to "buy" from "neutral"
Sees UNP's current valuation as "attractive" following recent market selloff, says trough earnings limit downside risks
But the brokerage cuts PT to $244 from $260, still a 16.2% upside to the stock's last close
Cites "prolonged freight recession, delay in potential volume benefits from increased domestic manufacturing and cycle inflection"
18 of 32 brokerages rate UNP "buy" or higher, 13 "hold" and 1 "sell"; their median PT is $265 - data compiled by LSEG
As of last close, stock had fallen 7.9% YTD
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