Norfolk Southern CorporationNYSE: NSC
Industrials · Rail Transportation
$316.44
+0.19%
Vol: 693K
Research Digest
Friday, May 1, 2026
Norfolk Southern and Union Pacific submit amended transcontinental railroad merger; $3.5B annual shipper savings projected.
Norfolk Southern and Union Pacific jointly submitted amended merger application to STB to create America's first transcontinental railroad, with projections showing $3.5B in annual shipper savings. NSC Q1 2026 revenue $3.0B with adjusted diluted EPS $2.65 (excluding merger expenses). Dividend increased to $1.35 per share. Multiple analysts raised PTs: Baird to $330 from $315, BMO to $310 from $305, TD Cowen to $337 from $313, all April 27-28.
Previous Market Intelligence
13 daysApr 30Norfolk Southern and Union Pacific resubmit $85B merger application to Surface Transportation Board on April 30.Mixed▶
Norfolk Southern and Union Pacific resubmitted an amended $85 billion merger application to the Surface Transportation Board on April 30 seeking approval to create the first transcontinental freight railroad. UP aims to address regulators' previous concerns by providing additional details on competitive balance and customer impact. Union Pacific CEO Jim Vena stated the merger would reduce delivery times by a day or two. However, rival railroads launched an anti-merger coalition to oppose the deal. NSC reported Q1 2026 earnings on April 24 with revenue of $3.0 billion and diluted EPS of $2.43 (down 27% on derailment adjustments), though adjusted EPS of $2.65 exceeded $2.51 forecast. NSC affirmed $1.35 quarterly dividend. RBC Capital raised price target to $360 from $310.
Apr 16Norfolk Southern awaits Union Pacific merger review; partnership in DoravilleMixed▶
Norfolk Southern and Union Pacific announced a historic merger creating America's first transcontinental railroad, with UP acquiring NSC at $320 per share (25% premium, $85B enterprise value). NSC shareholders receive 1.0 UP share + $88.82 cash per share, owning 27% of combined company. The U.S. Surface Transportation Board sent the merger back for revision citing missing information. NSC also announced March 31 short line partnership in Doraville expanding freight access. Q4 2025 results showed $3.0B revenue and $2.87 EPS (adjusted $3.22 excluding merger costs).
Apr 15Q1 earnings April 24; analyst downgrades amid merger uncertainty and weak freight demand.Negative▶
Norfolk Southern will announce Q1 2026 earnings on April 24. Rothschild & Co Redburn lowered target from $317 to $308 with Neutral rating. Jefferies decreased target from $350 to $310 maintaining Hold. The Surface Transportation Board rejected Union Pacific's proposed $85B merger with Norfolk Southern. Q4 2025 results showed 12% profit decline. Analyst consensus is Buy with $299.56 target.
Apr 14Norfolk Southern announces Q1 earnings for April 24; faces 12% profit decline and railroad industry headwinds.Neutral▶
Norfolk Southern will announce Q1 2026 earnings on April 24. Jaguar Transport Holdings partnership aims to handle local switching at Doraville, Georgia terminal. However, a locomotive overturned near Franklin, Ohio releasing diesel fuel. Q4 showed 12% profit slip due to economic challenges and Union Pacific merger pursuit costs. Analyst consensus Hold with $305.53 target.
Apr 13Norfolk Southern Q1 2026 earnings release April 24; announces Jaguar Transport short-line partnership in Atlanta.Positive▶
Norfolk Southern will announce Q1 2026 results on April 24 at 8:30 a.m. ET. The railroad announced a partnership with Jaguar Transport Holdings to handle local switching and operate its Doraville transload terminal in northeast Atlanta, upgrading infrastructure for increased freight volumes. Analyst price targets cluster around $290-$315.
Apr 10Norfolk Southern faces critical Union Pacific merger refiling deadline in late April while announcing Q1 earnings for April 24.Mixed▶
The proposed Norfolk Southern and Union Pacific merger faces a critical refiling deadline before end of April after the Surface Transportation Board rejected the application as incomplete. Norfolk Southern will announce Q1 2026 earnings on April 24. The company has partnered with Jaguar Transport to operate its Doraville transload terminal near Atlanta.
Apr 9Norfolk Southern navigates acquisition talks while reporting mixed quarterly earningsMixed▶
Norfolk Southern announced a new short line partnership expanding freight access in metro Atlanta on March 31, 2026. Fourth-quarter revenue of $2.97 billion slightly missed analyst expectations of $3.00 billion. The company achieved over $215 million in annual savings and advanced 60+ industrial development projects worth $7.7 billion. Analysts rate NSC as Buy with an average price target of $298.53.
Apr 8Norfolk Southern Downgraded Amid Operational ChallengesNeutral▶
UBS downgraded NSC from Buy to Neutral with $342 price target. Stock faces rail-network issues and declining coal market, but maintains neutral analyst consensus with 5 buy ratings.
Apr 7Norfolk Southern partners with Jaguar Transport to expand Atlanta metro freight operationsNeutral▶
Norfolk Southern announced short line partnership with Jaguar Transport Holdings on April 1, 2026 to expand freight access and capacity in Atlanta metro area. Also renewed Atlanta headquarters lease financing. Company navigating regulatory challenges amid proposed Union Pacific merger. Bernstein lowered price target to $313 from $322 while maintaining Buy rating.
Apr 6Norfolk Southern and Union Pacific announce historic transcontinental railroad merger at $320 per share.Positive▶
Union Pacific Corporation and Norfolk Southern Corporation announced a transformative merger agreement where Union Pacific will acquire Norfolk Southern in a stock and cash transaction valued at $320 per share. The combined entity will connect over 50,000 route miles across 43 states, creating a truly transcontinental railroad. Norfolk Southern exceeded 2025 productivity targets with $215M+ in savings, launched the East Edge intermodal corridor, and announced the Jaguar Doraville transload partnership. Analyst price targets raised with Evercore ISI increasing to $295 from $292 in March 2026.
Apr 3Norfolk Southern shareholder vote approves Union Pacific merger with nearly 99% approval; Jaguar partnership expands Atlanta freight capacity.Positive▶
Norfolk Southern shareholders voted with nearly 99% approval to proceed with Union Pacific merger transaction. NSC expanded Atlanta freight operations through new partnership with Jaguar Transport Holdings. Renewed $498.7 million Atlanta headquarters finance lease. Announced a $1.35/share quarterly dividend. Achieved over $215 million in annual savings.
Apr 2Norfolk Southern partners with Jaguar Transport to expand Atlanta freight capacityPositive▶
Norfolk Southern announces new short-line partnership with Jaguar Transport to expand Atlanta freight capacity.
Apr 1Union Pacific and Norfolk Southern announce merger agreement creating America's first transcontinental railroad at $320 per share.Positive▶
Norfolk Southern and Union Pacific announced a definitive agreement for Union Pacific to acquire Norfolk Southern at $320 per share, creating America's first transcontinental railroad with 50,000+ route miles. Q4 2025 EPS of $3.22 beat consensus of $2.76. Q1 2026 earnings scheduled for April 24.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| UNPUNION | $266.35 | -1.16% | +9.8% | 19.7x | 0.97 | $160.0B |
| CSXCSX | $45.09 | -0.76% | +9.5% | 21.1x | 1.25 | $84.4B |
| NSCNORFOLK | $316.44 | +0.19% | +9.6% | 23.4x | 1.31 | $70.9B |
| CATCATERPILLAR | $890.93 | +0.09% | +23.4% | 31.8x | 1.52 | $414.2B |
| GEGENERAL | $287.56 | -0.82% | +0.4% | 33.4x | 1.43 | $302.9B |
| GEVGE | $1,064.74 | -1.73% | +20.7% | 44.2x | 1.20 | $291.1B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price above both MAs — bullish structure.