Core Viewpoint - Union Pacific Railroad's Big Boy No. 4014, the largest operating steam locomotive, will embark on a limited excursion between Wyoming and Colorado, showcasing the railroad's historical significance and innovation [1] Company Summary - The Big Boy locomotive symbolizes Union Pacific Railroad's heritage, emphasizing the company's strength, innovation, and resilience as a key player in the railroad industry [1] - CEO Jim Vena highlighted the importance of the Big Boy as a connector, reflecting the company's identity and historical legacy [1]

Upgrades - Loop Capital upgraded Union Pacific (UNP) to Hold from Sell with a price target of $227, up from $214, noting that the shares are down 5% year-to-date and valuation multiples are modestly above their five-year ranges [2] - BofA upgraded Prologis (PLD) to Buy from Neutral with a price target of $130, up from $118, highlighting improved conversion rates of new lease proposals into signed leases during Q3 compared to Q2, and an optimistic outlook for demand versus supply dynamics through 2026 [3] - Goldman Sachs upgraded Hershey (HSY) to Buy from Sell with a price target of $222, up from $170, citing a compelling risk/reward scenario following multiple guidance reductions over the past year [4] - Arete upgraded Baidu (BIDU) to Buy from Sell with a price target of $143, emphasizing the potential of Baidu's Kunlun chip venture to offset challenges in its online advertising business due to AI chip shortages in China [5] - Citizens JMP upgraded CoreWeave (CRWV) to Outperform from Market Perform with a price target of $180, projecting significant growth for its graphics processing unit-as-a-service business from $3B-$4B to an estimated $300B [4] Downgrades - TD Cowen downgraded Warner Bros. Discovery (WBD) to Hold from Buy with an unchanged price target of $14, expressing concerns about the stock's risk/reward profile following a recent rally and potential bid from Paramount Skydance [6] - Rothschild & Co Redburn downgraded Live Nation (LYV) to Neutral from Buy with a price target of $170, up from $144, indicating that margin expansion will slow from fiscal 2026, limiting upside potential to earnings estimates [6] - Stifel downgraded VF Corp. (VFC) to Hold from Buy with a price target of $16, up from $15, stating that the stock's risk-reward is now balanced after a 12.5% one-month return, despite a strong outcome from the $600M sale of Dickies [6] - JPMorgan downgraded Camp4 Therapeutics (CAMP) to Neutral from Overweight without a price target, noting that while the company has a cash runway into 2027, its lead program is in the early stages [6] - JPMorgan downgraded Neumora Therapeutics (NMRA) to Underweight from Neutral without a price target, citing a failed Phase 3 trial for its navacaprant treatment in major depressive disorder [6]

Group 1 - Union Pacific Corporation (NYSE:UNP) is recognized as one of the best consistent dividend stocks, highlighting its strong dividend history and reliability [1] - The company operates as a railroad holding entity with a significant logistics network, comprising 32,693 miles of track, primarily generating revenue from freight transportation, including coal, grain, and automobiles [2] - Union Pacific's growth potential is constrained due to the nature of the railroad industry, which requires substantial capital for maintenance and upgrades rather than new track construction, necessitating a focus on efficiency improvements for future growth [3] Group 2 - Union Pacific has a long-standing history of dividend payments, having consistently paid dividends for 125 years and increased its payouts for 19 consecutive years, currently offering a quarterly dividend of $1.38 per share with a dividend yield of 2.57% as of September 12 [4]

Upgrades - Loop Capital upgraded Union Pacific (UNP) to Hold from Sell with a price target of $227, increased from $214, noting shares are down 5% year-to-date and valuation multiples are modestly above five-year lows [2] - BofA upgraded Prologis (PLD) to Buy from Neutral with a price target of $130, up from $118, citing improved lease conversion rates in Q3 compared to Q2 and positive demand-supply dynamics expected through 2026 [3] - Goldman Sachs upgraded Hershey (HSY) to Buy from Sell with a price target of $222, raised from $170, highlighting a compelling risk/reward scenario after multiple guidance reductions [4] - Arete upgraded Baidu (BIDU) to Buy from Sell with a price target of $143, emphasizing the potential of Baidu's Kunlun chip venture to offset challenges in its online advertising business [5] - Citizens JMP upgraded CoreWeave (CRWV) to Outperform from Market Perform with a price target of $180, projecting growth of its GPU-as-a-service business to an estimated $300 billion from $3 billion to $4 billion currently [4] Downgrades - TD Cowen downgraded Warner Bros. Discovery (WBD) to Hold from Buy with an unchanged price target of $14, expressing concerns about the stock's risk/reward after a recent rally [6] - Rothschild & Co Redburn downgraded Live Nation (LYV) to Neutral from Buy with a price target of $170, up from $144, indicating slower margin expansion and reduced earnings upside potential [6] - Stifel downgraded VF Corp. (VFC) to Hold from Buy with a price target of $16, increased from $15, stating that the stock's risk-reward is now balanced after a 12.5% one-month return [6] - JPMorgan downgraded Camp4 Therapeutics (CAMP) to Neutral from Overweight without a price target, noting early-stage challenges in its lead program despite a cash runway into 2027 [6] - JPMorgan downgraded Neumora Therapeutics (NMRA) to Underweight from Neutral without a price target, citing a failed Phase 3 trial for its treatment in major depressive disorder [6]

Core Viewpoint - Citigroup has raised the target price for Pacific Union from $250 to $251 and upgraded the rating from "Neutral" to "Buy" [1] Summary by Category - **Target Price Adjustment** - The target price for Pacific Union has been increased from $250 to $251 [1] - **Rating Upgrade** - The rating for Pacific Union has been upgraded from "Neutral" to "Buy" [1]

Core Viewpoint - Union Pacific and Norfolk Southern have launched a new domestic intermodal service to enhance competition among Class I railroads and support economic growth in the U.S. [1][4] Group 1: Service Details - The new service is set to launch in mid-October and aims to provide truck-competitive transit times across various sectors, including automotive, consumer goods, food and beverage, healthcare, and manufacturing [2]. - The bi-directional service will operate from the Louisville market, interchanging between NS and UP in Kansas City, with destinations including Los Angeles, Seattle, Portland, Salt Lake City, and Houston [3]. Group 2: Strategic Importance - This initiative is part of a broader strategy by Union Pacific and Norfolk Southern to develop innovative interline service products, which also includes freight movement from Los Angeles to Charlotte and Jacksonville [4]. - The service enhancements are designed to meet customer demands for reliable freight solutions and to alleviate congestion on highways by providing competitive alternatives to truck transport [5]. Group 3: Infrastructure Investments - Union Pacific has invested $1.4 billion since 2021 to upgrade intermodal services, including the opening of four new terminals and modernization of 12 others [6]. - Norfolk Southern is also expanding its Louisville hub to increase parking and track capacity for domestic services, reflecting a commitment to customer feedback and strategic infrastructure planning [6]. Group 4: Operational Efficiency - Recent changes in Union Pacific's network operations have enabled domestic containers to move 25% faster, resulting in a potential savings of up to 25 hours in transit time between Southern California and Kansas City Intermodal Terminal [5].

Core Viewpoint - Citigroup has upgraded the rating of Union Pacific (UNP.US) from "Neutral" to "Buy," with a target price of $251, indicating strong attractiveness for the stock [1] Group 1: Company Outlook - Citigroup analyst Ariel Rosa believes that Union Pacific's stock is highly attractive and should not be overlooked, even in light of the unsuccessful merger with Norfolk Southern [1] - Rosa highlighted that there is more clarity regarding the merger plans with Norfolk Southern, despite an anticipated contentious merger review process [1] - The likelihood of obtaining a smooth merger approval under less restrictive conditions is estimated to be between 65% and 70% [1] Group 2: Financial Performance - Union Pacific's stock price has recently declined, but its operational performance has been consistently strong [1] - The valuation of Union Pacific is considered attractive, as the stock price is below its long-term average price-to-earnings ratio, regardless of the merger approval outcome [1]

Upgrades Summary - Melius Research upgraded GE Vernova (GEV) to Buy from Hold with a price target of $740, citing upside to estimates over the next few years and a developing need for power [2] - Melius Research upgraded Eaton (ETN) to Buy from Hold with a price target of $495, up from $412, noting dissipating concerns around valuation and slowing earnings momentum due to reaccelerating AI capex news flow [2] - Citi upgraded Union Pacific (UNP) to Buy from Neutral with a price target of $251, up from $250, highlighting a compelling risk/reward profile following a recent drop in shares [2] - Raymond James upgraded Healthpeak Properties (DOC) to Outperform from Market Perform with a price target of $20, attributing the upgrade to the stock's recent underperformance and expectations for limited downside in life science fundamentals [2] - National Bank upgraded OpenText (OTEX) to Outperform from Sector Perform with a price target of $45, up from $34, following investor meetings with management and identifying renewed investment opportunities [2]

Core Viewpoint - Citi recommends investors consider Union Pacific Corporation (NYSE:UNP) as a stock poised for gains, indicating potential upside even if the merger with Norfolk Southern (NSC) does not proceed [2] Company Summary - Union Pacific (NYSE:UNP) is highlighted as a strong investment opportunity by Citi, suggesting resilience in its stock performance regardless of merger outcomes [2]

Core Viewpoint - Union Pacific Corp. received an upgrade from Citi analyst Ariel Rosa, moving from neutral to buy, due to attractive valuation and improved operational metrics [1] Summary by Relevant Categories Company Analysis - The upgrade reflects Wall Street's confidence in Union Pacific Corp.'s financial health and market position [1] - The analyst highlighted the company's attractive valuation as a key factor for the upgrade [1] Market Reaction - The upgrade is expected to positively influence investor sentiment towards Union Pacific Corp. [1] - Improved operational metrics were cited as a reason for the upgrade, indicating potential for future growth [1]