These analysts are bullish on the back of the Company’s legacy contracts renewal at higher price, attractive valuations, next year’s backlog contracts, better service quality and a strong operating leverage to carload growth. They believe UNP has an attractive franchise through its exposure to a unique mix of commodity end markets, and specifically with the rise in global coal demand coupled its intermodal and automotive franchises. According to the firms, the Company is poised to realize the benefits of its recent capital investments in IT, more fuel efficient locomotives, and improved throughput capacity in its network, which will likely drive continued improvements in network efficiency. Given the high likelihood of a sustained volume rebound, particularly considering inventory restocking, the firms expect the combination of volume growth, operating leverage, and productivity improvements to drive upside from the current levels. Additionally, tightening truckload capacity and truckload pricing growth will lead to improved results in the core intermodal business through pricing and volume growth.